The transatlantic tug of war over privacy standards notched up as the Bush administration complained to the European Union about the burden its rules will put on U.S. financial institutions.
Senior Commerce Department and Treasury officials said in a March 23 letter released Tuesday that Europe's requirements protecting consumer privacy are "incompatible with real-world operations." U.S. financial institutions are putting in place privacy protections under the Gramm-Leach-Bliley Act that modernized the banking system. But those privacy protections fall short of those mandated for Europeans by the EU privacy directive.
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