Lowe believes that banks also have an opportunity. Nothing in the regulation prevents a bank from over-marketing their compliance. She thinks some banks may over-comply on a competitive basis. Market forces may drive a bank to over-comply. Banks will likely say they are already tighter than the law.
Many banks are already tighter than the law.
When asked why, Lowe responded that she believes they grow-up with different levels of focus on how information is used, particularly internally. Some share information freely inside the bank for the customers' convenience. Sometimes customers are frustrated by providing information twice. The law does allow sharing within the financial holding company and between affiliates, unless a bank chooses to put something in place. Wachovia, for example, allows opting out of internal information sharing.