ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release October 10, 2000 #00-110
E-mail: [email protected]

ACB COMMENTS ON FTC PRIVACY PROPOSAL

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America’s Community Bankers has urged the Federal Trade Commission to adopt guidelines rather than a regulation in implementing the privacy safeguards required by the Gramm-Leach-Bliley Act. Further, ACB told the FTC its guidance should not differ significantly from the proposed guidelines issued by the federal banking regulators and should not be issued until the banking agencies act.

ACB urged the FTC to consider a less-detailed. but not necessarily less rigorous, standard for non-complex institutions than was proposed by the federal banking agencies. Whether an institution is non-complex should be based on business strategy, not on size.

“We strongly discourage the FTC from including. . .overly specific or burdensome requirements on financial institutions,” ACB said. The FTC should not require institutions to take specific minimum steps to provide customer security of its customer records, should not be required to designate a specific employee to monitor internal access to records and should not impose any requirements specifying the type of security tests that must be used, ACB said.

Comment Letter is LINKED

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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