In an effort to improve the state of consumer privacy, Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision, on January last year announced that they have put together joint guidelines to safeguard confidential customer information. The guidelines, that took effect last July, implement section 501(b) of the Gramm-Leach-Bliley Act (GLBA) initiated by the Senate Banking Committee, and passed into law on November 4, 1999. This announcement had significant implications for online banking institutions.
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comply with standard best-practice information security measures. While most online banks and merchants acknowledge the importance of data security, it is often the last thing taken into consideration when architecting an online payment system. In some cases, an online payment system can consist of an intricate interconnection of networks between a bank, a managed service provider, an online merchant, and a payment processing order fulfillment organization. Making sure they all have their ducks lined up