WisBar News
April 24, 2002
FTC Denies ABA's Gramm-Leach Bliley Exemption Request for Law Firms
On April 8, the Federal Trade Commission (FTC) denied the ABA's request to exempt attorneys from Title V of the Gramm-Leach Bliley Act.
FTC Denies ABA's Gramm-Leach Bliley Exemption Request for Law
Firms
April 24, 2002
On April 8, the Federal Trade Commission (FTC) denied the ABA's
request to exempt attorneys from Title V of the Gramm-Leach Bliley Act.
The law, effective July 1, 2001, requires every "financial institution"
that provides certain financial services to its individual clients to
send them a notice explaining its privacy policies. The FTC determined
in June 2001 that law firms are "financial institutions."
The FTC does not believe it has express authority to grant the
requested exemption for attorneys. The ABA believes that the Title V
requirements of the act do not protect client confidentiality and is
considering legislative and judicial relief.
