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.

Comments Regarding the Use of Personal Medical Data by Financial Institutions


The proposed rule generally prohibits a creditor from obtaining and using medical information for making decisions about a consumer's credit eligibility. The rule then makes an exception that allows creditors to obtain and use financial information that happens to be related to medical debts, expenses and income.

Federal Agencies' Joint Request for Comment: Alternative Forms of Privacy Notices


The Gramm-Leach-Bliley Act (GLB) requires financial institutions to give customers annual notice of how personal information is collected and disclosed, and, under limited circumstances, a means for customers to control information flow. The notices delivered to consumers, beginning with the effective date of July 1, 2001, until now have generated substantial criticism from all interested parties. As the ANPR notes, there have been broad-based concerns expressed by representatives of financial institutions, consumers, privacy advocates, and Members of Congress.

In response to numerous concerns expressed by all stakeholders about privacy notices, the FTC convened a workshop in December 2001, just five months after financial institutions were required to send the initial privacy notice to customers. To further address these continuing concerns, the Agencies have published the ANPR. That the Agencies are willing to revisit the issue of clear notice to consumers by considering a short-form notice is an encouraging sign for consumer privacy interests.

Financial Privacy Notices: Shorter is Better


For business, the goal should be not only to provide a notice that satisfies the legal requirement, but one that consumers can easily understand. Although practices may vary from company to company, the bottom line is always the same: Companies either share information with affiliates and third parties or not. Consumers either have the right to opt-out or they don't.

Groups Submit Comments to National Banks Agency Opposing Preemption of States


The OCC's proposed revisions to 12 CFR Parts 7 and 34 of its regulations identify certain types of state laws that would be preempted for non-real estate loans made by national banks.

The scope of the OCC's proposal potentially affects consumer protection and privacy laws of many states. However, we limit our comments to the potential impact on California laws. Particularly troubling is the uncertain implication of the OCC's rulemaking for important identity theft laws that involve access to, and use of, credit reports. Of equal concern is the OCC's proposed regulation to preempt state laws that require national banks to give mandated statements to be included in billing or credit related documents.

Groups Oppose Data Mining of Health Information by Financial Institutions


Today, the Health Privacy Project (HPP), the Electronic Privacy Information Center (EPIC), and 28 other groups, including the Privacy Rights Clearinghouse, sent a letter to U.S. Health and Human Services Secretary Tommy Thompson, opposing any changes to the new medical privacy regulation that would give a green light to banks and other financial institutions to access sensitive, personal medical information. The organizations include health care advocacy, labor, consumer, disability rights, and health care provider groups.

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.

Full-Page Ad Distorts Facts about SB 773, California Financial Privacy Bill


The group's name, as well as its web site's address, www.caprivacyprotection.org, bely the Coalition's true colors. It is an industry-backed organization, comprised of the California Chamber of Commerce and the major financial industry trade associations in the state.

The Coalition's newspaper ad contains outright distortions about the provisions of SB 773. Here are some examples.

San Mateo Co. (California) Board of Supervisors Unanimously Adopts Financial Information Privacy Ordinance


Redwood City - The Board of Supervisors unanimously adopted an ordinance today to protect consumers' financial information privacy. With this ordinance, San Mateo County has become the first jurisdiction in California to provide consumers privacy protections in excess of those found in federal law, Gramm-Leach-Bliley Act. This ordinance would require financial institutions to ask for and receive consumerís permission before disclosing consumerís confidential information to third parties.

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