The San Fransisco Gate has posted an article, written by John Diaz, about the banking industry’s attempt to alter a law dealing with customer privacy.
In California in 2004 a law was passed saying that the customer’s permission had to be granted before their personal financial information, such as credit card activity, could have been sold or shared. However, the industry, now barely afloat courtesy of taxpayers, is lobbying for the law to be totally overturned. In 2005 the US Court of Appeals in San Fransisco altered the law to say that portions of the customer’s information could be given out, but only information that would lead to deciphering insurance, employment, or credit.
The banking industry, according to this article, is seeking to overturn the California law and instead pushing for a federal standard on this issue, rather than have 50 differing state laws. However, this does leave one to wonder if the regulations protecting our privacy will be changed.