WASHINGTON - Responsibility for drafting the rules implementing the Gramm-Leach-Bliley Act is being parceled out among dozens of specialists. Although numerous agencies are involved, the bulk of the work will be done by the Federal Reserve Board and the Office of the Comptroller of the Currency.
OCC Chief Counsel Julie L. Williams is counting on her deputy, Ray Natter, and Karen Solomon, director of legislative and regulatory activities, to lead the agency's efforts.
Six other OCC lawyers will play key roles.
Assistant Chief Counsel Amy Friend is charged with drafting rules covering a consumer's right to limit an institution's use of his personal financial information. Mark Tenhundfeld, assistant director of legislative and regulatory activities, and Michael Bylsma, director of consumer and community law, are also working on that rule.
Related privacy rules covering protection of consumer data will be crafted by Ms. Friend, Mr. Tenhundfeld, and Jeffrey Abrahamson and Stuart Feldstein, both with OCC's legislative and regulatory division.
Mr. Bylsma also has responsibility for developing rules regarding the disclosure of CRA-related payments by banks to community groups.
Mr. Feldstein and Mitch Plave, a senior attorney with the OCC, will craft rules covering the certification and operation of the financial subsidiaries of national banks.
Michelle Meyer, also a senior attorney, is responsible for developing rules to establish protections for consumers that buy insurance from banks.
Fed General Counsel J. Virgil Mattingly Jr. said 40 separate projects are in the works.
Primary responsibility for rewriting the Fed's Regulation Y, which will govern the financial holding companies created by the new law, has been given to Deputy General Counsel Scott Alvarez. Working with Mr. Alvarez on creating a certification process for institutions that want to become financial holding companies is Thomas M. Corsi, managing senior counsel, legal division.
The Fed's regulations 23A and 23B, which govern a holding company's ability to do business with its subsidiaries, must be rewritten to apply to the financial subsidiaries of national banks. Responsibility for that project has been given to Pamela G. Nardolilli, senior counsel, legal division.
Associate General Counsel Oliver Ireland is heading the push to create rules implementing the law's privacy provisions.
The Fed's community and consumer affairs is charged with writing rules covering an elongated Community Reinvestment Act exam schedule, and with instituting standards for the disclosure of payments made by banks to community groups. Deputy Director Glenn E. Loney will head that push, assisted by Adrienne D. Hurt, assistant director of the division of community and consumer affairs.
Associate General Counsel Kathleen M. O'Day will head the revision of Regulation K, which governs the operation of foreign banks in the U.S.
