WASHINGTON — Should changes within an SEC’s consumer privacy regulation come to fruition, they could negatively affect brokerage business at credit unions and banks, said the Credit Union Financial Network, an investment services CUSO.

The regulation in question is Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information. At issue is the protocol when a registered representative leaves one brokerage firm for another. The representative is referred the bulk of their business by the bank and credit union and such information is often treated as trade secrets with the representative acknowledging that the representative does not own the book of business, he said.

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