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 California Legislators and Governor Gray Davis by 15 Consumer-related Organizations in Favor of Strong Opt-in Financial Privacy Legislation

The undersigned organizations urge your support of legislation giving customers of financial institutions stronger rights of privacy over their customer information.

This is a critical time for California consumers. In 1999 Congress passed and the President signed the Financial Services Modernization Bill. This far-reaching law enables banks to become affiliated with insurance companies and brokerage firms. This law contains only the weakest of customer privacy provisions - requiring financial institutions to provide customers an opt-out opportunity before selling customer data to unaffiliated third parties.1

Interagency Proposal for Model Privacy Form under the Gramm-Leach Bliley Act

The Privacy Rights Clearinghouse (PRC)1 is pleased to comment on the Federal Trade Commission (FTC or Commission) notice of proposed rulemaking (NPR)2 to simplify the consumer disclosures required by the Gramm-Leach-Bliley Act (“GLB”). With only a few minor suggestions, the PRC endorses and fully supports the model form adopted by the agencies. We direct our comments as follows:

North Dakota Votes for "Opt-In" Financial Privacy

On June 11, 2002, voters in North Dakota spoke overwhelmingly in favor of financial privacy. A referendum which would prohibit banks from sharing, selling or otherwise disclosing personal financial information succeeded by a majority of three to one. This confirms what polls have been telling us for years. Consumers feel strongly about privacy, particularly when it comes to the sensitive information in bank records.

Confusing E-Mail about Opt-Out Number Sends the Wrong Message

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.

Lost in the Fine Print: Readability of Financial Privacy Notices (Hochhauser)

Readability analyses of 60 financial privacy notices found that they are written at a 3rd-4th year college reading level, instead of the junior high school level that is recommended for materials written for the general public. Consumers will have a hard time understanding the notices because the writing style uses too many complicated sentences and too many uncommon words.

Oversight Hearing On Financial Privacy and the Gramm-Leach-Bliley Financial Services Modernization Act

ongress knew that the 1999 Gramm-Leach Bliley Financial Services Modernization Act (GLBA) - a law long-sought by the financial industry to encourage the creation of integrated financial services firms -- would exacerbate already-identified financial privacy threats. So  Congress incorporated Title V to protect financial privacy, which included the following five key provisions. The most important and most successful is the last: the fail-safe states' rights provision allowing states to enact stronger financial privacy laws.


Showing 1-10 of 27 results
Subscribe to Gramm-Leach-Bliley Act