Privacy Issues May Derail Banking Reform
A bill to overhaul the banking laws of the United States may be derailed by Massachusetts Democrat Edward Markey, according to wire reports. To push to bill out of committee, proposed database restrictions were dropped or relaxed.
Markey intends to lead an effort on the House floor to reintroduce the right of a financial firm’s customers to block or opt-out of sharing their private financial and other personal data with the companies’ affiliates or with outside companies.
The financial services industry feels that if Markey gets his way, it may end any chance of banking reform this year. The industry links database sharing to providing customers “one-stop” shopping for all its financial services needs.
A compromise measure, allowing consumers to block certain usage, like for telemarketing, is being worked on.
