D.C. Court says lawyers are not covered

D.C. Circuit Uses Scalia Analogy: Lawyers Not Covered under FTC Privacy Disclosure Rule

(The ABA Journal, in an article written by Terry Carter, tells us about the new ruling in favor of the BAR.

The Federal Trade Commission engaged in “attempted turf expansion” beyond its authority when it sought to regulate lawyers through a statute requiring financial institutions to send privacy disclosure notices to customers, the U.S. Court of Appeals for the D.C. Circuit said Tuesday.

The opinion was issued in consolidated lawsuits by the ABA and the New York State Bar Association seeking a declaratory judgment that the FTC did not have the authority to regulate lawyers under the law, the Gramm-Leach-Bliley Financial Modernization Act of 1999.

Phew! One less regulation to worry about. This would have been hugely expensive for lawyers … and full of traps for the unwary and unsuspecting!

Categorized in: Cash Flow - Finances