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From helping draft key legislation to counseling clients in complying with implementing requirements, Covington’s financial privacy lawyers have been at the center of the development of comprehensive and workable rules to protect the privacy of personal financial information. By providing testimony, advice, and representation, we are leading the way on this vital issue affecting our global economy.
Our financial privacy lawyers were extensively involved in the legislative processes that produced Title V of the Gramm-Leach-Bliley Act (GLB Act) and the Fair and Accurate Credit Transactions Act, two important laws regulating the privacy practices of financial institutions. After the laws were enacted, we worked with the banking and financial regulatory agencies, including the Federal Trade Commission, to formulate appropriate regulations implementing the laws.
We regularly advise clients regarding compliance with these and other financial privacy laws and regulations, including issues involving opt-out notice provisions, restrictions on the re-use and re-disclosure of consumer information, security guidelines, and federal preemption of state and local privacy restrictions. We have also advised financial institutions in the European Union (EU) on privacy issues under US and EU law, including compliance with audit and reporting rules under the Sarbanes-Oxley Act, as well as EU privacy and anti-money laundering rules.
Representative Matters
- Testified before the Senate Banking Committee and state legislatures on the scope and meaning of the GLB Act’s privacy provisions, including repeated and extensive appearances before California legislative committees on pending legislation to increase financial institution privacy obligations.
- Testified before the House Ways and Means Subcommittee on proposals to limit the use of social security numbers as unique identifiers.
- Successfully litigated a leading case advocating Fair Credit Reporting Act preemption of the affiliate-sharing provisions of California financial privacy law.
- Provided advice regarding a statewide campaign to oppose a March 2004 California ballot initiative imposing customer information-sharing restrictions on financial institutions.
- Advised online retailers regarding compliance with the Payment Card Industry standards for the storage, processing, and transmission of credit cardholder data.
- Made presentations to state attorneys general regarding enforcement efforts targeting alleged financial privacy violations.
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