Federal Banking Agencies Issue Guidance Regarding Unauthorized Access to Customer Information

Originally published April/May 2005

In late March, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision (the "Agencies") issued the Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice (the "Guidance"). 70 Fed. Reg. 15736 (2005). The Guidance requires the development and implementation of a response program to address unauthorized access to, or use of, customer information that could result in substantial harm or inconvenience to a customer. The Guidance does not have an effective date, but the Agencies expect the institutions to implement the requirements as soon as possible. The Guidance is issued under the authority of section 501(b)(3) of the Gramm Leach Bliley Act ("GLBA"), which requires the Agencies to establish various safeguards to protect against not only "unauthorized access to," but also