Kalifornischem financial legislation over privacy
California adopted the nation complete financial privacy received yesterday, requires banks and other financial institutions to obtain customer approval before their personal data with companies and consumers more control over how information is shared about this company in families.Dir Gray Davis signed the bill People’s Political Consultative on the floor of the Pacific Exchange in San Francisco, and said:”With the signing of this law, we put consumers in the financial management of their intimate DNA. M.” Davis, a Democrat, has changed positions within the specifications of the bill over two years.
Privacy advocates on behalf of a great victory, not only because it is a precedent for other states, but also because, as it could influence a Congress of major laws, the financial rights of consumers , The Fair Credit Reporting Act.
The financial sector argues that part of the plot, at the end of this year, to avoid, “he said of limiting disclosure of information between businesses under one roof business management. For example, Citibank and Salomon Smith Barney, who both part of Citigroup, you can now freely information about customers. If the limit is extended, but it would precede of California’s new privacy law, which takes effect in July 2004.
A number of industry groups, including the American Bankers Association, the American Council of Life Insurers and the Securities Industry Association, led Speaker J. Dennis Hastert, to quickly reauthorize the act.
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