The House is expected to approve legislation next week that would make it a federal crime to trick a bank into divulging private customer data. The House Commerce Committee last week approved the legislation but amended the version passed by the House Banking Committee Aug. 5.
The Commerce committee dropped a requirement that accused violators must have an "intent to deceive" a financial institution when improperly obtaining information. This and other revisions are not expected to impede passage of the legislation. "In general terms we are willing to live with it," a Banking committee spokesman said. Senate Banking Committee Chairman Alfonse M. D'Amato has attached similar legislation to the financial reform bill, which the Senate could begin debating as early as today.