Financial Privacy Notices: Do They Really Want You to Know What They're Saying?

"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.

Comments on FACTA Disposal Rule: Disposal of Consumer Report Information and Records

The Disposal Rule, as proposed, covers a wide array of entities that compile and use consumer data. Once finalized, the Rule will impose records disposal requirements on entities that before had no reason to consider the consequences of irresponsible information handling practices.

Groups Ask FTC to Stop Blocking Links to Free Credit Report Site,

While a number of issues regarding need to be corrected, one issue stands out as critically important to correct immediately. That is, the active blocking of Web linking to the site is harming consumers right now, and does not serve any apparent purpose other than to direct consumers to for-pay services at the credit bureaus.

Privacy Groups Urge Federal Reserve Board to Protect Consumers from Identity Theft and Stolen Convenience Checks

As the Board is well aware, identity theft is the fastest growing crime in America. The Federal Trade Commission (FTC) estimates that identity theft claims nearly 10 million victims annually, costing millions to consumers and business alike. Significantly, a high percentage of identity theft complaints involve fraudulent use of open-end (revolving) credit products, particularly credit cards. Unsolicited credit products such as convenience checks and activated cards sent through the mail create opportunities for theft. For this reason, we limit our comments here to questions posed by the Board that have broad implications for victims of identity theft.

Comments to Federal Agencies Regarding the Use of Personal Medical Data by Financial Institutions

When it comes to privacy, consumer expectations and fears are most elevated for sensitive data included in medical records. A major concern is potential secondary uses of medical information. For example, a consumer may understandably be concerned that a medical condition could adversely affect the ability to get a job or a mortgage. In recent amendments to the Fair Credit Reporting Act (FCRA), Congress acted to address the discriminatory use of medical information in credit transactions.

Comments on FACTA Disposal Rule, RIN 3064-AC77: Fair and Accurate Credit Transaction Act Disposal of Consumer Report Information and Records

Irresponsible handling of sensitive consumer data has long been cited as a contributing factor to identity theft. A practice known as "dumpster diving" is often claimed by thieves themselves as the source of the data that allowed them to commit the crime. Sensitive data discarded by a financial institution provides a prime opportunity for a crook to access another's personal data.

By enacting §216 requiring proper disposal of consumer information, Congress has given the public one of the strongest tools yet in combating the growing crime of identity theft. It is now up to the financial regulators and the FTC to carry out Congress' intent by adopting strong regulations to ensure identity theft is no longer fed by careless and irresponsible disposal of confidential consumer data.

The Case of the Disappearing Check: What is Electronic Check Conversion?

Electronic check conversion may be used when you make purchases in person at a store or when you mail a check to pay your credit card, utility or mortgage account payment. Either way, the growing use of electronic check conversion means you have to be more diligent than ever about tracking your payments and correcting errors in your account. When checks are processed electronically, your rights, remedies, and potential losses are governed by the federal Electronic Funds Transfer (EFT) Act. This is the same law that governs your ATM and debit card transactions.

Dump Your Debit Card! New Guide Explains Your Card Payment Options

The PRC advises that most consumers should not use or carry a debit or check card.  The guide explains the eight major shortcomings of these cards and suggests alternatives for consumers to consider.  Paul Stephens, PRC’s Director of Policy and Advocacy, elaborated, “Scammers have become quite sophisticated in gaining access to your card information.  Most people don’t realize that lost, stolen, or compromised debit cards can provide an open door for fraudsters to empty your bank account."

Poll: 91% Voter Support For Financial Privacy Initiative

A public opinion poll commissioned by the Consumer Federation of California Education Foundation found overwhelming voter support for a ballot initiative to protect the privacy of consumer financial information. After hearing a battery of arguments against the initiative, voter support stood at 91 per cent. The poll found no significant difference in support by party affiliation or income level.

Letter to House of Reps. and Senate to Oppose HR 2622

The Privacy Rights Clearinghouse and the Identity Theft Resource Center urge you to oppose H.R. 2622 as written because it preempts many state consumer protection laws while failing to prevent credit bureau mistakes or stop identity theft.


Showing 31-40 of 54 results
Subscribe to financial