Answers to Cloze Test #2


Fact Sheet 24b AddendumAnswers to Cloze Test #2

Financial Privacy FAQ


Fact Sheet 24dFinancial Privacy FAQ

Is Your Financial Information Safe?


Fact Sheet 24eIs Your Financial Information Safe?

Check 21: Paperless Banking


Fact Sheet 30Check 21:
Paperless Banking

Customer Identification Programs for Financial Transactions


Fact Sheet 31Customer Identification Programs for Financial Transactions

If you opened a new bank or other financial account recently, you may have noticed you had to supply a lot more personal information than in the past. You may have assumed you had to prove you are you as a guard against the growing crime of identity theft. Not so.

Customer identification programs (CIPs) are now required by federal law to prevent financing of terrorist operations and money laundering. The requirements go beyond just verifying your identity. Banks must now keep records of identifying information and check customer names against terrorist lists. This applies to anyone who opens a new account.

This guide is intended to make you aware of new requirements for opening a financial account as well as the kinds of companies that must comply with the CIP Rules. We also provide some suggestions on how you can prepare yourself and become part of the process.

Paper or Plastic: What Have You Got to Lose?


Fact Sheet 32Paper or Plastic:
What Have You Got to Lose?

Once you decide to buy something, you then must determine how to pay for it. Do you hand over cash? Write a check? Pay with a credit card? Or use a debit card and have the payment automatically deducted from your bank account?

If you’re like most people, you use a combination of paper, plastic and electronic payments. Pros and cons exist to whichever payment method you choose. Many of us decide quickly about the method of payment and spend too little time thinking about the potential costs or consumer protections of each method.

But you should be aware that thieves are inventing new ways to steal consumers’ account information. For example, some crooks have learned to use “skimming” devices to steal credit card or debit card information off card-swipe machines. This guide seeks to inform you about your rights as well as outline the potential risks and benefits of different payment methods.

Identity Theft Monitoring Services


Fact Sheet 33Identity Theft Monitoring Services

Hardly a day goes by without hearing about someone becoming a victim of identity theft or learning about another data breach. The exposure of Social Security numbers (SSNs) and other personal information can increase consumers’ susceptibility to identity theft. Privacy Rights Clearinghouse’s “Chronology of Data Breaches” documents over 867 million records that have been compromised since January 2005. www.privacyrights.org/ar/ChronDataBreaches.htm

Faced with these alarming statistics, many consumers have turned to identity theft or credit monitoring services for protection. Identity theft monitoring services may sound like a good way to protect your good credit and your good name. However, many of these services are overpriced and are not worth the money that they cost.

Consumer Financial Protection Bureau Comments in Support of CFPB’s Complaint Narrative Proposal


Consumer Financial Protection Bureau 
Comments in Support of CFPB’s Complaint Narrative Proposal

Docket Number: CFPB-2014-0016


https://www.federalregister.gov/articles/2014/07/23/2014-17274/disclosure-of-consumer-complaint-narrative-data 


Submitted by the Privacy Rights Clearinghouse


Sept. 22, 2014

Director Richard Cordray 

Consumer Financial Protection Bureau

1700 G Street N.W. 
Washington, D.C. 20552


Dear Director Cordray:

Introduction.  The Privacy Rights Clearinghouse (PRC) is a nonprofit consumer education and advocacy organization, established 22 years ago in 1992 and located in San Diego, California.

The PRC takes complaints and questions from the general public on a variety of informational privacy issues. These include:  debt collection, financial privacy, online privacy, social media, medical records, employment topics, among others.

The Power of Complaints: An Opportunity to Strengthen the Consumer’s Voice


Virtually every American adult uses at least one, and usually several, financial products. These include credit cards, pre-paid cards, bank accounts, credit reporting, mortgages, loans, and money transfers.

When problems occur, the consequences can be severe: for example, the inability to obtain credit; difficulty getting a mortgage; and being hounded by debt collectors for someone else’s debt.

In 2011, a new federal agency was launched, the Consumer Financial Protection Bureau (CFPB), with an important mission – regulating financial products and services. The CFPB invites complaints via its website, which has been carefully designed for ease of use. It also engages in consumer financial education.

In the past three years, it has received more than 400,000 complaints. Complaints about specific financial products and services are forwarded to the appropriate companies for their response and, when warranted, resolution.

The CFPB has brought its complaint process into the sunlight by posting on its website the nature of those complaints and their status in the resolution process.  Anyone with Internet access can visit www.consumerfinance.gov to both submit their own complaints and view the bare bones details of many thousands more. 

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