SCOLASCOP Update Newsletter Fall October American Bar Apps Americanbar Form

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the Graham leech blyly Financial modernization act declared that every financial institution had a duty to protect the privacy of its customers when various bar associations grew suspicious that this act might be used to regulate attorneys their hackles went up resulting in the case American Bar Association versus Federal Trade Commission the Graham leech blyly act's privacy Provisions empowered the Federal Trade Commission to prescribe regulations to carry out the act's purposes the legis defined a financial institution as quote any institution the business of which is engaging in financial activities unquote the list of activities that could be regulated included preparing taxes and handling real estate transactions concerned that the commission might Implement regulations covering attorneys and the practice of law the American Bar Association requested clarification the commission made it clear that it intended to regulate attorneys in the practice of Law and refused to Grant the pr