Given the complexity and limitations of GLB's privacy provisions, the Privacy Rights Clearinghouse (PRC) undertook a major project to educate consumers about the new law and their right to prevent information sharing. The PRC launched this project with the premise that such an educational program would fill the gap left by questions unanswered from consumers' review of the notices required by GLB. Instead, what we found was that the majority of consumers who contacted us had heard or read media stories about the GLB notices and realized they had ignored the notices that their financial institutions had mailed to them in previous months. Few of the consumers who contacted us had actually noticed or read the notices. They were worried that they had missed the opportunity to prevent the sharing of their customer data with other companies.
In an environment of limited privacy regulation, consumers must be able to have access to consumer education resources as well as problem-solving and intervention services. In addition to providing much-needed assistance, such consumer education and intervention services provide the function of a societal feedback loop. The PRC acts as a feedback mechanism by obtaining information from consumers about their experiences in the marketplace.
Dear Valued Egghead.com Customer,
As you know from my previous letter, Egghead.com has filed for Chapter 11 bankruptcy protection and is in the process of selling its ongoing business. As part of the sale process, Egghead.com has entered into an Asset Purchase Agreement with Fry's Electronics but other companies will be given the opportunity to outbid Fry's. As a result, another company might be approved by the court as the actual buyer. We plan to complete the sale soon and in no event later than September 30, 2001.
The media, law enforcement officials, and consumer organizations have been alerting the public of potential harmful scams, including charity scams, as a result of the terrorist attacks in New York City and Washington, D.C.
The Identity Theft Resource Center and Privacy Rights Clearinghouse also urge media outlets and consumer organizations to alert the public of two potential identity theft-related situations that might arise from the recent World Trade Towers disasters.
An unknown individual has broadcast an electronic mail message that has reached tens of thousands of consumers, confusing them with information that is only half correct.
The message explains, erroneously, that as of July 1, 2003, "the four major credit bureaus in the US will be allowed . to release your credit info, mailing addresses, phone numbers..... to anyone who requests it." This is not correct.
Financial institutions have until July 1, 2001, to send privacy notices to their customers. The notices are required by the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act or GLB.
"Consumers have a continuing right to opt-out," said Tena Friery, Research Director of the Privacy Rights Clearinghouse. "This applies even if notices have been lost or, as is quite common, mistaken for "junk mail" and thrown in the trash."
Overview: There are many privacy issues facing colleges and universities today. This presentation covers only the first two below:
- SSNs as student identification numbers
- Identity theft and other security issues
- Multi-purpose "smart" cards, privacy implications
- Violence profiling
- Weapons searches
- Drug testing
- E-mail, Internet uses, websites, acceptable use policy
- Records disclosure
"Because we value your privacy.. we may sell your personal financial information." Does this make sense? Of course, not. But, that is precisely the message many banks and other financial companies are now sending to their customers. However, this message -- blurred by fine print, big words, long sentences and marketing jargon -- is far from clear.
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