Feds Back Appeal of CA Privacy Law
The six federal government agencies sided with three bank associations in their attempt to repeal the State of California's privacy law that recently went into effect. The Office of Thrift Supervision, Comptroller of the Currency, Federal Deposit Insurance Corp., Board of Governors of the Federal Reserve System, National Credit Union Administration and the Federal Trade Commission filed friend of the court briefs in support of the American Bankers Association, the Financial Services Roundtable and the Consumer Bankers Association challenge to the new state law. The California privacy law requires that banks get customer approval before sharing information on their bank balances or spending habits with non-affiliated institutions.
Feds Back Appeal of Financial Privacy Law, Kansas City Star, August 11, 2004
