How can banks and financial service providers stay current with privacy requirements and regulations?
Minneapolis banking and financial services attorney, Beau Hurtig, shares how he can help banks create solid internal privacy policies.
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And so there’s really two parts to that question, there’s the requirements and the regulations. The good news is with respect to regulations we really haven’t had any changes in 15 years. The basic requirement is take reasonable measures to protect your customers. The regulators intentionally left this vague because they knew technology would evolve. The bad news is technology does evolve and so when we talk about what are the requirements we’ve got to think what’s reasonable, what are other people doing? And at a high level, there’s a lot of educational classes available from trade groups and from your primary regulator in the FFIEC where you can get great information about what you should be doing and what others are doing.
However, bank managers and directors have other things to do; they’re managing the bank and keeping track of information, security, and other privacy standards is really a full time job. And so I think this is a great opportunity for management and the board to leverage vendors that will really concentrate on knowing what other people are doing, knowing what you should be doing in implementing that plan. That leaves you free to run the bank and concentrate on things that are hopefully going to generate more money for you.