SAN FRANCISCO – Citing their losses since the Sept. 11 terrorist attacks on America, banks, insurance companies and other financial institutions in California are trying to prevent privacy legislation from being revived in the next session of the state Legislature, the San Francisco Chronicle is reporting.

In an editorial discussing the war on terrorism and how it affects privacy issues, the newspaper included a warning about "Corporate America's roving eyes."

"Some industries, particularly financial services, are now trying to invoke the war on terrorism to block legislation that would protect consumer privacy," it said. "Sources in Sacramento say that banking and insurance lobbyists are citing their losses from Sept. 11 as a reason not to resurrect a measure (SB 773, by Sen. Jackie Speier, D-Hillsborough) that would require companies to get customer permission before sharing or selling personal financial information."

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.