SB 773 provides consumers no improvements in privacy, placates special interests
California Bankers Association responds to Speier's press conference

SACRAMENTO - August 19, 2002 - The following statement is from the California Bankers Association (CBA) regarding Sen. Jackie Speier's press conference announcing amendments on SB 773:

"The California Bankers Association (CBA) continues to support reasonable privacy laws specific to the State of California. In fact, CBA worked diligently to ensure the passage of the 20 pieces of privacy legislation passed into law by the California State Legislature in the last three years.

"It is difficult for CBA to respond with any specificity to what Senator Speier proposed in her press conference today. For starters, we were not allowed to attend her public press conference, nor has the author provided us with a copy of the amendments. More importantly, Senator Speier has not attempted to contact CBA even once in the last year to resolve the banking industry's concerns with SB 773. We are confident that had she engaged the banking industry in her negotiations we would have been able to reach some sort of compromise, as she has with the credit unions. Apparently, Senator Speier is unwilling to provide those Californians who work with banks the same consideration she affords those who work with credit unions.

"It is also worth noting that the members of the 'broad-based' business coalition that is on the record favoring SB 773 -- Pacific Life Insurance, all retailers, insurance agents, the California State Automobile Association, USAA and American Express -- are either exempt from the bill or negotiated a loophole to suit their business needs, as the credit unions have done. It is much easier to be in favor of poor legislation when it has no possibility of affecting your business. For the rest of us who are affected, we will continue to fight for what is best for California's consumers and California's businesses and economy."