CONSIDER THIS: "While we all are aware of the impact of increased security on privacy issues like airport checks and personal background information, Georgians may not know how security regulations affect the privacy of personal financial data.
Since the failed attempt to blow up an airliner on Christmas day 2009, the security of the nation has once again come under the microscope of federal agencies. While the Federal Aviation Administration (FAA) and the Transportation Safety Administration (TSA) review travel safety measures, some wonder if the financial services industry could experience increased scrutiny with regard to the privacy of individual bank accounts.
You may want to know:
- What kinds of personal financial information can government agencies access?
- Do Georgians know about the current processes of sharing their personal financial information?
- What impact could any changes to the U.S. banking system have on Georgians?
- What requirements do financial institutions have in complying with national security measures?
- Are the banking regulations financially burdensome on financial institutions?
- If so, are these costs passed on to consumers?
An insider's perspective:
"Many consumers are not aware of the various regulations that impact the security and privacy of their personal financial accounts," says Michael Mercer, president and CEO of Georgia Credit Union Affiliates (GCUA), the state trade association for credit unions. Background
Some of the banking regulations related to consumer financial privacy include:
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