Public Relations >> Press Release, September 1, 2002

Press Release

Contact: Anissa Yates
For Release: 9/1/02
916/441-7377

SACRAMENTO - September 1, 2002 - The following statement is from the California Bankers Association (CBA) regarding the failure of SB 773:

"The California Bankers Association strongly believes that any debate surrounding meaningful information sharing legislation in California must begin with two simple principles: first, that legislation must first identify what kinds of information need to be regulated and secondly, that all businesses must be subject to the same regulations. Any other approach simply provides the illusion of privacy. SB 773 was a bill aimed at placating special interests while duping the public into believing that it would have offered them more privacy protections than it would have. Exemptions and loopholes for special interests led to the bill's defeat last year and others were added in the final weeks preceding the vote this year. We applaud California's decision makers for their informed decision to defeat a bill that provided no real protections for consumers and curried favor with special interests."

Information about CBA
Established more than 110 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California's more pressing financial and banking issues, including financial privacy, predatory lending, usage fees, and financial elder abuse. CBA's membership includes more than 300 of California's commercial, industrial and community banks and savings associations.

For further information, visit www.calbankers.com or contact Anissa Yates at 916/441-7377.