WisBar News: FTC Denies ABA's Gramm-Leach Bliley Exemption Request for Law Firms:

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  • WisBar News
    April
    24
    2002

    FTC Denies ABA's Gramm-Leach Bliley Exemption Request for Law Firms


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    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.