MBA Spotlights Int'l Privacy Law

Differences between privacy laws in other countries and those in the United States may affect commercial and residential market participants, according to a new report prepared for the Mortgage Bankers Association by Hunton & Williams LLP."In light of the global nature of information, and the ease and speed with which personal data travels around the world, businesses will need to contend with widely varied regulatory schemes worldwide," said MBA chairman-elect Kieran Quinn. The MBA said U.S. privacy laws tend to be "sectoral," affecting only certain industries, while laws overseas are often "comprehensive in scope." The trade group further noted, "Outside the European Union, where all member countries have similar data protection laws, there is little uniformity when comparing the data protection regimes of various jurisdictions."