Tue, Mar 28, 2000 1:15 PM
I am concerned about the proposed regulations on the Gramm-Leach-Bliley Act regarding the proposed consumer privacy rules that would treat colleges as financial institutions.
If broadly interrupted, the Act could be construed as applying to colleges since they participate in financial activities such as making and collecting Federal Perkins Loans.
Higher Education Institutions are already prohibited by the Buckley Amendment from disclosing information to third parties. These proposed regulations add and undue burden to colleges and universities without adding any new protection to our students' privacy.
I strongly encourage you to make it clear in the proposed regulations that colleges and universities are not considered financial institutions for the purpose of these proposed regulations.