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45[infoguys-list] Banking Legislation

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  • YOUR LOUISIANA CONNECTION
    Sep 10, 1998
      The following message is being sent on behalf of Jack Reed:

      Dear Colleagues:

      I have spent an excessive amount of time and money in researching and
      revising the attached amendment. The amendment is based upon the
      Banking Committee's rejection of a previous amendment, which they said
      was too broad. It was then determined that we had to narrow our focus
      to get approval for exceptions. My Congressman, Ed Royce, and
      Congresswoman Roukema had reserved space for an amendment, which was
      approved by Jim Leach, to address their concerns. Jim Leach and the
      staff had told NCISS that there would be no exemptions for PIs because
      there are some "bad guys" out there, and in a private memo prepared by
      Eddy McClain, he stated that the staff was not in favor of the amendment

      he is now proposing. I had our amendment drafted based upon amendments
      to the bill, which included the Federal Reserve having oversight
      authority and the FTC having enforcement authority. The word I get is
      that If they do not have the authority to supervise who is going to
      access the information and how, no amendment will be accepted. If the
      amendment I have proposed is accepted, we will have nine months to work
      out the details with the FTC and Federal Reserve. It is now up to you
      to support one of these amendments. If you choose to support mine, I
      ask that you send a copy of your letter to Ed Royce's office in
      Washington, DC, a copy to the Banking Committee and a copy to your
      Congressperson. You should do this immediately, as every hour makes a
      big difference with all that's going on in Washington. The ball is now
      in your court!

      Word and Text formats:




      Vicki Rogers
      Admin. Asst. to Jack Reed

      PROPOSED AMENDMENT TO HR 4321


      Add the following after Section 1003(e):

      (f) NONAPPLICABILITY TO CERTAIN ACTIVITIES OF LICENSED PRIVATE =
      INVESTIGATORS -

      (1) No provision of this section shall be construed so as to prevent a =

      qualified licensed private investigator, or its officers, employees or =

      agents, acting on behalf of a client, from obtaining customer =
      information of a financial institution, to the extent reasonably =
      necessary to do so in order to facilitate -

      (a) execution of a judgment entered by a federal or state court;

      (b) collection of child support;

      (c) collection of fines or assessments ordered by a federal or state =
      court or agency.

      (d) Enforcement of an order entered by a federal or state court for =
      attachment of assets; or

      (e) Tracing of assets conveyed fraudulently within the meaning of Title
      =
      ___, United States Code.

      (2) For purposes of this subsection, a "qualified licensed private =
      investigator" is an investigator or an investigative agency that -

      (a) is licensed and in good standing under the laws regulating the =
      business of private investigative or security services of the state in =

      which the investigator takes any action that would otherwise be subject
      =
      to this section; and






      (b) beginning one year after the effective date of the Financial =
      Information Privacy Act of 1998, is in substantial compliance with =
      applicable regulations issued by the Federal Trade Commission and the =
      Board of Governors of the Federal Reserve System, as provided in =
      paragraph (3) of this subsection.

      (3) Within nine months after the effective date of the Financial =
      Information Privacy Act of 1998, the Federal Trade Commission and the =
      Board of Governors of the Federal Reserve System, pursuant to a joint =
      rulemaking proceeding, shall promulgate such regulations as those =
      agencies deem sufficient to further define and limit the class of =
      licensed private investigators whose activities fall within the =
      provisions of this subsection. Such regulations may include:

      (a) a requirement that licensed private investigators subscribe to and =

      meet the requirements of a self-regulatory system or procedure =
      designated by the Commission and the Board as adequately protective of =

      the personal privacy interests of customers of financial institutions;

      (b) a requirement that licensed private investigators register with, =
      make periodic reports to, and respond satisfactorily to inquiries of =
      the Commission, or the Board or both of them, or any other entity =
      jointly designated by the Commission and the Board, including a further
      =
      requirement that licensed private investigators subject to this =
      requirement be assessed fees sufficient to cover the reasonable costs =
      of maintenance of such registry, reporting system, and inquiry and =
      response system as the Commission and the Board may jointly institute; =

      and

      (c) such other regulations as the Commission and Board shall deem =
      appropriate to protect the personal privacy of customers of financial =
      institutions, while ensuring that the implementation and enforcement of
      =
      this Title does not unduly interfere with the legitimate activities of =

      qualified licensed private investigators in support of civil or =
      criminal litigation in the federal or state courts.

      hr4321-amendment-091098.doc



      --
      "YOUR LOUISIANA CONNECTION"
      BOMBET CASHIO & ASSOCIATES

      12077 Old Hammond Highway
      Baton Rouge, Louisiana 70816
      Phone 225-275-0796 Fax 225-272-3631
      http://www.Bombet.com

      JULIUS "BUDDY" BOMBET, CLI, CFE, LCI
      NALI GIN ACFE NCISS CII WAD WIN NAIS
      NAPPS MPIA LPIA CALI TALI PIAU SCALI



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