In talking with Wachovia's Rebekah Lowe, her passion for the protection of information provided by her customers is evident. Now she is using her considerable knowledge of how all those different lines of business operate to chair the Information Protection Committee for the Florida Bankers Association. You can read more about the details of the proposed regulation in the sidebar written by FBA's legal counsel, J. Thomas Cardwell, beginning on the opposite page and continuing throughout the feature. But to learn how these proposed regulations would affect you as a banker, I spoke with Lowe, to gain the bankers perspective on these potentially sweeping changes. One point that struck a chord was that bankers already place a high priority on information confidentiality.
Many banks are over-complying.
The banking industry needs to better communicate these protections. Lowe first wanted to set the record straight on terminology. It's not privacy, its information protection. Customers misunderstand the term privacy. We are really discussing how to best protect the information they share with their financial institution.