Monday, January 31, 2005

OSFI on the case of the CIBC faxing debacle

The federal banking regulator, the Office of the Superintendent of Financial Institutions is also investigating the CIBC faxing fiasco, according to the Globe and Mail:

The Globe and Mail: OSFI to review CIBC faxing debacle:

"Canada's top financial industry regulator is looking into a faxing debacle at Canadian Imperial Bank of Commerce in which confidential information for dozens of customers was accidentally sent to a scrap-yard operator in West Virginia.

The Office of the Superintendent of Financial Institutions, the federal government body charged with overseeing the banking sector, is reviewing the incident and has held discussions with CIBC officials to make sure the problem has been dealt with properly, according to a letter from federal Finance Minister Ralph Goodale.

'You may be interested to know that the Office of the Superintendent of Financial Institutions is . . . examining this issue and has been in contact with CIBC officials to assess whether the bank is taking appropriate action to resolve this matter,' Mr. Goodale stated in an e-mailed letter to one CIBC investor...."

Update: April 18, 2005 - PIPEDA and Canadian Privacy Law: Privacy Commisioner of Canada releases her report on the CIBC faxing incidents

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