Privacy Report - May 2007

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Super Models

Eight—count ’em—federal agencies have joined forces to simplify the privacy notices that financial institutions must send to individual customers under the Gramm-Leach-

Bliley Act (“GLBA”). Apart from designing a new “model form” privacy notice as mandated by the regulatory relief legislation enacted last fall, the interagency proposal would establish a safe harbor for those institutions that use the prescribed language and format of the model form. This, friends, is a single-sided, 8.5 by 11-inch single sheet disclosure.

AND:

Once More unto the Breach

The Gopher State has told merchants it’s time to settle up and pay the bill. On May 16, the Minnesota Legislature became the first state to pass legislation that would make retailers and other merchants liable to banks for costs associated with data breaches, such as consumer notification

and card replacement. The mass data compromise of over 46 million credit and debit cards used at TJX Companies stores has prompted at least six states to join the conga line: California, Connecticut, Illinois, Massachusetts, Minnesota, and Texas.

The Minnesota bill (H.F. 1758) is notable, and not just because it came first. It passed the Senate by a lopsided 63-1 vote and passed the House on a 104-27 vote.

AND:

MoFo’s On-Line Privacy Library

Bookmark your “favorites.” Morrison & Foerster is pleased to announce the launch of its Privacy Library. This free resource, available at www.mofoprivacy.com, provides links to privacy laws, regulations, reports, multilateral agreements, and government authorities more than 90 countries around the world, including the United States.

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Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Privacy Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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