I have just a couple of short comments on this proposed regulation.
This is another example
of unneeded regulation. Only a regulator or a so-called "consumer activist" could come up with a need to
amend a policy so as to differentiate between "CONSUMER INFORMATION" and "CUSTOMER
INFORMATION".
I think it is intuitive that a bank would handle disposal of both types
of information in a safe and secure manner! This is the sort of regulation
and regulation change which drives up costs to banks (and ultimately
the consumer), with little or no benefit to any party involved.
It is our our contention
that regulators think all bank management and staff have to do is sit
around and develop policies
and procedures which
provide little benefit to the public and add costs to the "bottom
line".
Developing and amending
policies such as this is time consuming, unproductive, and ends up
costing the consumer SOMEWHERE in the form of higher loan
rates, lower deposit rates, and higher service fees (or some combination
thereof)!