Since the privacy provisions of the Gramm Leach Bliley Act took effect in 2000, the issue of privacy has had a major influence on state and federal law in the U.S., according to a Debevoise & Plimpton LLP report on Lexology.com. Financial institutions in particular have been the focus of a steady stream of privacy-focused regulations. In 2009, lawmakers addressed a number of privacy-related issues in the financial sector, including the safeguarding of customer data, issuance of privacy policy notices, data breach notification and the use of third-party data for marketing. In 2010 the trend is likely to continue, according to the report, as the newly created Consumer Financial Protection Agency carves out its role on the regulatory landscape. (Registration may be required to access this story.)
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