WASHINGTON - Federally chartered thrifts will be the first financial companies to have their privacy protection efforts reviewed, but the Office of Thrift Supervision said it would use a light hand in the short run.

The agency plans to start formally monitoring the 1,090 federal thrifts' progress toward compliance with the Gramm-Leach-Bliley Act's privacy regulations next month. The regulations will take effect next July 1.

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