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[infoguys-list] NCISS REPORT FROM EDDY MCCLAIN - S900

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  • Julius "BUDDY" Bombet
    There is good news and bad news. The good news is we got our message to Senator Gramm that the Senate should not enact privacy legislation without hearings
    Message 1 of 1 , May 7, 1999
    • 0 Attachment
      There is good news and bad news. The good news is we got our message to

      Senator Gramm that the Senate should not enact privacy legislation
      without
      hearings and testimony. He has said that he will allow everyone who is
      interested to testify. The bad news is that S 900 passed the Senate
      with
      anti-pretexting amendments and because we got their attention,
      pretexting is
      now in the forefront of their discussions. We now must convince both
      Houses
      that exemptions should be inserted which would allow us to investigate
      fraud
      by financial institutions and/or their customers who are crooks. There
      should also be some way for creditors to locate the accounts of
      judgement
      debtors who are hiding assets. We must continue to press these points.
      Shortly, we will be asking for more communications to Congress. This is
      a
      very critical time on this legislation. Following is Senator Gramm's
      press
      release.
      Eddy McClain NCISS Legislative Committee

      IMPORTANT NOTE:
      There will be a NCISS panel discussion on this development and other
      privacy concerns on Thursday, June 3, 1999, at 2 PM at the 1999 Super
      Conference. Details at:
      http://www.intersurf.com/~lpia/websch.htm

      SENATE APPROVES GRAMM AMENDMENT
      TO OUTLAW PRETEXT CALLS

      Gramm Pledges 'Comprehensive Hearings' on Privacy
      Issues

      The Senate voted today, 95-2, to approve an amendment that will outlaw
      pretext calls and add other privacy protections to the
      Financial Services Modernization Act. The amendment was sponsored by
      Sen. Phil Gramm, chairman of the Senate Committee
      on Banking, Housing and Urban Affairs.

      The amendment provides criminal and civil penalties for pretext calls,
      in which callers pose as customers to obtain confidential
      information from banks and other financial-service providers. The
      amendment also directs federal banking agencies to establish
      a consumer grievance process to deal with privacy violations. Similar
      provisions were contained in an amendment offered by
      Sen. Paul Sarbanes, ranking member of the Senate Banking Committee.

      Here are excerpts from Gramm's statement on the Senate floor about his
      amendment:

      "Privacy is a fundamental right that people have, and the question is
      trying to balance that right against the new technology which
      we all benefit from, and which we all find ourselves forced to operate
      within. It is not easy. This is a beginning.

      "I want to commit that the Banking Committee will hold hearings on
      privacy issues. I want to commit that we will hold those
      hearings in both the subcommittee and at the full committee level; that
      we will begin the hearings with testimony from any
      Member of the House or Senate who wishes to testify; that we will hold
      comprehensive hearings so that anybody who has a
      legitimate viewpoint or represents any group which has a stake in this
      issue would have an opportunity to testify and have their
      position heard.

      "Now, basically, in this amendment we make illegal a number of
      practices, where basically people are engaging in fraud and
      dishonest behavior. In addition, we require a GAO report on financial
      privacy. The amendment requires that GAO, in
      consultation with the Federal Trade Commission and the Federal banking
      agencies, report to the Congress on the efficacy and
      adequacy of the remedies provided to prevent false pretext calls to
      obtain financial information and recommendations for any
      additional legislation to prevent pretext calling.

      "We have a Federal Trade Commission report to Congress on financial
      privacy. The amendment requires the Federal Trade
      Commission to submit an interim report to Congress on its ongoing study
      of consumer privacy issues.

      "We establish a consumer grievance process. What we want to do in this
      amendment is require the Federal banking regulators
      to create a consumer grievance process for receiving and expeditiously
      addressing consumer complaints alleging a violation of
      regulations issued under this bill.

      "Each Federal banking agency is required to (1) establish a group within

      each regulatory agency to receive consumer
      complaints; (2) develop procedures for investigating such complaints,
      (3) develop procedures for informing consumers of rights
      they may have in connection with such complaints, and (4) develop
      procedures for addressing concerns raised by such
      complaints, as appropriate, including procedures for the recovery of
      losses to the extent appropriate.

      "This is not the end of the debate. This does not solve the privacy
      problems in America. I have just touched on a portion of the
      provisions. But I believe this represents an important step in beginning

      the debate on this issue of privacy."

      IMPORTANT NOTE:
      There will be a NCISS panel discussion on this development and other
      privacy concerns on Thursday, June 3, 1999, at 2 PM at the 1999 Super
      Conference. Details at:
      http://www.intersurf.com/~lpia/websch.htm
      --
      "YOUR LOUISIANA CONNECTION"
      Bombet Cashio & Associates
      12077 Old Hammond Highway
      Baton Rouge, LA 70816
      Phone: 225-275-0796 Fax: 225-272-3631 Home 225-272-2712
      INVESTIGATORS IN EVERY MAJOR LOUISIANA CITY

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



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