World Council of Credit Unions, Inc. Privacy of Customer Information, American Bankers Association State Action on Privacy Mathew Street, American Banking Association associate general counsel and state legislative expert, provides an overview of state banking privacy laws. Those laws strictly regulated commercial banks, investment brokers, and insurance companies and prevented them from offering overlapping services. It is anticipated that this legislation will lead to increasing consolidation and looser regulatory oversight of the financial services industry. The bill has been criticized for its lack of consumer privacy protections.
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Analysis of Banking Issues U.S. Finalizes New Merchant Banking Rule Reports on a new rule governing the ability of banks to take equity stakes in commercial firms.