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Topic: Financial privacy

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	Financial privacy -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-21)
		This issue however is mixed with the issue of financial institutions sharing information within themselves, which could be considered "sharing information between companies" since a financial institution is not allowed to be one company for regulatory reasons, but instead must assume a (A company with controlling shares in other companies) holding company structure.
		By putting forth legislation which forbids financial institutions from sharing information with other companies, single-product-line financial institutions could cripple integrated financial services companies because of the technicality that the banking, investments, and insurance parts of the business had to be operated under separate company affiliates within a holding company.
		Some critics of financial institutions agreed with this analysis but continued to press for the legislation because they believed that the financial services integrated business model was fundamentally wrong; however the vast majority of critical articles focused on the issue of selling information to outside telemarketers.
	www.absoluteastronomy.com /encyclopedia/f/fi/financial_privacy.htm (436 words)

	Industry Issues: Existing Privacy Laws Already Regulate Information Sharing
		Financial institutions are required to provide consumers with extensive disclosures at the beginning of the consumer's relationship with the institution.
		The purpose of the Financial Privacy Act is to protect consumer records maintained by financial institutions from improper disclosure to federal government officials or agencies.
		Specifically, the Act currently prohibits disclosure to the federal government of records held by certain financial institutions without providing notification to the consumer whose records are sought and the expiration of a "waiting period," during which the consumer may challenge and prevent disclosure through legal action.
	www.aba.com /Industry+Issues/GR_PR_Existing.htm (1017 words)

	Protecting Financial Privacy
		In addition, the term "financial institution" includes companies you might not consider to be financial institutions such as payday loan companies, collection agencies, and travel agents.
		Your privacy notice may also be included with other notices you are required to receive, for instance, in a mutual fund prospectus.
		"Financial Privacy in the New Millennium: The Burden Is on You,"
	www.privacyrights.org /fs/fs24-finpriv.htm (4629 words)

	EPIC Gramm-Leach-Bliley Act Page (GLBA)
		Second, financial institutions are required to provide you with a notice of their information sharing policies when you first become a customer, and annually thereafter.
		Financial institutions should implement an opt-in approach to the use of personal information because this minimizes any unwanted or unknowing disclosure of information and places the burden of responsibility on those actors who will gain from the disclosure of information.
		Financial institutions should be required to provide customers with a statutory right of access to learn more about industry practices in order to know how the information is collected, who its affiliates are, and what the information collected for is used.
	www.epic.org /privacy/glba (4740 words)

	NCPA - Brief Analysis 360, Financial Privacy: The Choice Is in the Mail
		In one of the largest financial-customer notifications ever, banks and other financial institutions are mailing information to every customer of record to clarify how they collect and use people's financial information and what options customers have with regard to the sharing of this information.
		Financial institutions feared that they would face the same experience if customers were required to opt in, and prevailed on Congress to include an opt-out provision in the new legislation.
		Financial institutions rely on integrated information systems to operate more efficiently on behalf of their customers, thus avoiding the cost of maintaining duplicate systems.
	www.ncpa.org /pub/ba/ba360 (994 words)

	FRB: Privacy Choices for Your Personal Financial Information
		Each financial company you have an ongoing relationship with--for example, the bank where you have a checking account, your credit card company, or a company that services your loan--must give you a notice of its privacy policy annually.
		A privacy notice may be included as an insert with your monthly statement or bill, or it may be sent to you in a separate mailing.
		When a financial company obtains your credit report from a credit bureau, it may want to share that information with an affiliate, meaning a company that owns your financial company, that your financial company owns, or that is part of the same parent organization or corporate family.
	www.federalreserve.gov /pubs/privacy/default.htm (1972 words)

	Final Rule: Privacy of Consumer Financial Information (Regulation S-P)
		We note that a financial institution that is a trustee assumes obligations as a fiduciary, including the duty to protect the confidentiality of the beneficiaries' information, that are consistent with the purposes of the G-L-B Act and enforceable under State law.
		We recognize that a financial institution may not have systems in place or trained personnel to handle opt out elections at each point of contact between a consumer and financial institution and therefore may choose not to honor opt out elections communicated to the institution through means other than those specified for the consumer.
		The example requires that the annual privacy notice be delivered with or in a prospectus or shareholder report that is householded because we believe that customers whose disclosure documents are householded also would consent to having their annual privacy notices householded.
	www.sec.gov /rules/final/34-42974.htm (16789 words)

	Right to Financial Privacy Act
		No financial institution, or officer, employee, or agent of a financial institution, may provide to any Government authority access to or copies of, or the information contained in, the financial records of any customer except in accordance with the provisions of this chapter.
		A financial institution shall not release the financial records of a customer until the Government authority seeking such records certifies in writing to the financial institution that it has complied with the applicable provisions of this chapter.
		Financial records originally obtained pursuant to this chapter shall not be transferred to another agency or department unless the transferring agency or department certifies in writing that there is reason to believe that the records are relevant to a legitimate law enforcement inquiry within the jurisdiction of the receiving agency or department.
	www.accessreports.com /statutes/RFPA.htm (5529 words)

	CFTC Financial Privacy
		Entities subject to the CFTC’s jurisdiction became subject to the privacy provisions of the GLB Act when Congress enacted the Commodity Futures Modernization Act of 2000.
		The CFTC adopted rules implementing the privacy provisions of the GLB Act on April 27, 2001.
		Consumer education materials are also available to assist individuals in understanding their rights to financial privacy.
	www.cftc.gov /cftc/cftcfinancialprivacy.htm (260 words)

	CRA Amendments in the Gramm-Leach Act
		The nonfinancial activities of firms predominantly engaged in financial activities (at least 85% financial) are grandfathered for at least 10 years, with a possibility for a five year extension.
		The Federal Reserve may not permit a company to form a financial holding company if any of its insured depository institution subsidiaries are not well capitalized and well managed, or did not receive at least a satisfactory rating in their most recent CRA exam.
		Clarifies that the disclosure of a financial institution's privacy policy is required to take place at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship.
	www.senate.gov /~banking/conf/grmleach.htm (2115 words)

	www.PrivacyInfo.ca
		The Commissioner denied the complaints against CIBC effectively admitting that she (and federal privacy legislation) is powerless to stop such disclosures.
		Martin' s comments, the Privacy Commissioner of Canada released two annual reports that paint a bleak picture of Canadian privacy - illustrating that Canadian policies are ill-equipped to deal with emerging technologies and cross-border trade practices.
		If lawful access presents the most immediate privacy threat, the Privacy Commissioner' s annual reports - one for each of Canada' s federal privacy laws - leaves little doubt that this is only the tip of a dangerous iceberg.
	www.privacyinfo.ca (1773 words)

	FDIC: FIL-3-2001: Financial Institution Letters: Privacy Of Consumer Financial Information
		The attached Privacy Rule Handbook was produced by the Federal Deposit Insurance Corporation (FDIC) to help financial institutions comply with the final rule governing the privacy of consumer financial information and implement effective consumer privacy policies.
		Although the privacy rule's effective date is November 13, 2000, compliance is not mandatory until July 1, 2001.
		For more information about the privacy rule, please contact the FDIC regional office responsible for supervising your bank, or call Ken Baebel, Assistant Director in the Division of Compliance and Consumer Affairs, on (202) 942-3086.
	www.fdic.gov /news/news/financial/2001/fil0103.html (423 words)

	FINANCIAL & WEALTH PRIVACY - Project Billiard
		effectively trend-reversing, even visionary terms (financial privacy, health and wealth privacy, wealth basics, right to undisclosed private property, etc.) contine to be identified, fine-tuned and introduced in the public debate.
		Nevertheless, the sensitivities thus revealed on privacy matters by lawmakers on both sides of the Atlantic are seen to be significant.
		The 1995 OXFORD DICTIONARY defines tax avoidance as "the arrangement of one's financial affairs so that one only pays the minimum amount of tax required by law." (5) And the 1971 WEBSTER'S mentions "the use of merger agreements as a means of tax avoidance" (6).
	www.solami.com /billiard.htm (5302 words)

	Industry Issues: The Free-Flow Of Credit Information Has Big Impact On Credit Markets And The U.S. Economy
		Moreover, customers can shop for the best loan rates among many lenders, since they know that the same credit information about them will be available to all lenders, and not just the financial institution that they have done business with in the past.
		The availability of information allows financial institutions to make better decisions before extending credit, and thereby helps to lower potential losses.
		Bank regulators also have greater information available to be able to judge the financial condition of the lender, to evaluate the consistency of credit decisions being made, and to evaluate trends in lending.
	www.aba.com /Industry+Issues/GR_PR_Free.htm (571 words)

	House Members Criticize 2004 Intelligence Authorization Act
		This expanded definition of "financial institution" may indeed be necessary for effective counterintelligence, foreign intelligence, and international operations of the United States.
		The PATRIOT Act earlier had altered the standard for financial records that could be subject to National Security Letters to include the records of someone "sought for" an investigation, not merely of the "target" of an investigation.
		As a member of the House Financial Services Committee, I am concerned that these new provisions of law could be used to seize personal financial records that traditionally have been protected by financial privacy laws.
	www.fas.org /irp/congress/2003_cr/h112203.html (1845 words)

	Changes to the Fair Credit Reporting Act: Important Steps Forward at a High Cost
		The new law requires financial regulators and the FTC to prescribe regulations outlining circumstances when creditors and other furnishers of information to CRAs should reinvestigate complaints that come directly from a consumer.
		Financial Literacy Improvement: Establishes a Financial Literacy Education Commission made up of representatives of various federal agencies, to be led by the Secretary of Treasury.
		The Commission is charged with developing a national strategy to promote financial literacy and education (within 18 months) and with disseminating financial literacy information.
	www.consumersunion.org /pub/core_financial_services/000745.html (3054 words)

	PIRG PRIVACY ALERT PAGE
		FINANCIAL PRIVACY FIGHT IN Highlights Get our hottest new fact sheet: FCRA under fire-- No "Reauthorization" needed, but that's not what industry lobbyists are saying.
		Fix the Privacy Notices: On 26 July 2001 PIRG joined other consumer and privacy groups in a petition drafted by Public Citizen Litigation Group urging the 6 federal financial regulatory agencies to use existing authority to order banks and other firms to make opt-out privacy notices intelligible.
		The weak privacy provisions in Title V of the bill only require disclosure and provide for an optout only for some third party sharing and selling of your confidential information.
	www.pirg.org /consumer/banks/action/privacy.htm (3204 words)

	EPIC USA PATRIOT Act Page
		British Columbia's Information and Privacy Commissioner has released a report (pdf) finding that the USA PATRIOT Act violates British Columbian privacy laws, and that personal information about Canadians may be accessible to the U.S. government under the Act.
		The Act also extends the government's ability to gain access to personal financial information and student information without any suspicion of wrongdoing, simply by certifying that the information likely to be obtained is relevant to an ongoing criminal investigation.
		Privacy: An Overview of Federal Statutes Governing Wiretapping and Electronic Eavesdropping (PDF), CRS Report for Congress 98-326, updated January 13, 2003.
	www.epic.org /privacy/terrorism/usapatriot (5627 words)

	ConsumerPrivacyGuide.org \| Protection Under Law \| Fair Credit Reporting Act (1970)
		The Right to Financial Privacy Act was designed to protect the confidentiality of personal financial records by creating a statutory Fourth Amendment protection for bank records.
		The Right to Financial Privacy Act states that "no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described" and:
		The statute prevents banks from requiring customers to authorize the release of financial records as a condition of doing business and states that customers have a right to access a record of all disclosures.
	www.consumerprivacyguide.org /law/rfpa.shtml (121 words)

	Federal Trade Commission - Privacy Initiatives
		Privacy is a central element of the FTC's consumer protection mission.
		Under the FTC Act, the Commission guards against unfairness and deception by enforcing companies' privacy promises about how they collect, use and secure consumers' personal information.
		Under the Gramm-Leach-Bliley Act, the Commission has implemented rules concerning financial privacy notices and the administrative, technical and physical safeguarding of personal information, and it aggressively enforces against pretexting.
	www.ftc.gov /privacy/index.html (266 words)

	Letter on Delay In Privacy Rules
		This is a letter that USPIRG and other leading consumer, privacy and civil liberties groups sent Tuesday 8 May 00 to the government financial regulators condemning a possible delay in enforcement of the privacy provisions of the new Financial Modernization law from November 2000 to July 2001.
		The financial industry’s demands to delay the privacy requirements of Gramm-Leach-Bliley are unacceptable and are not supported by the record.
		Typically, as is certainly true of this act’s requirements, the regulations mirror the statutory language to such an extent that the true implementation period should be calculated from the date of passage, not the date on which the rules are published.
	www.pirg.org /consumer/glbdelay.htm (853 words)

	Privacy Rights Clearinghouse--privacyrights.org
		A Chronology of Data Breaches Reported Since the ChoicePoint Incident -- Over 51 million Americans have had their personal information compromised since February 2005.
		The Privacy Rights Clearinghouse is a nonprofit, consumer information and advocacy organization
		The Federal Trade Commission has recently launched a new web site, http://onguardonline.gov/, with tips on ways to safeguard yourself when you are online.
	www.privacyrights.org (290 words)

	us bank complaint (Site not responding. Last check: 2007-10-21)
		The privacy statement provided at Defendants’ Web site does not advise customers that Defendants will sell their confidential information to third parties outside of its family of financial service providers.
		The privacy statement provided at Defendants’ Web site does not advise customers of whether or how they may opt-in or opt-out of the sale of their personal financial information to third parties by Defendants.
		The privacy interests of Minnesota consumers in the confidentiality of their personal financial information affects the economic health and well-being of Minnesota residents.
	www.ag.state.mn.us /consumer/privacy/pr/pr%5Fusbank%5F06091999.html (4015 words)

	Financial Privacy
		The Gramm-Leach-Bliley Act, although falling far short of effective privacy standards, required federal agencies to issue, for the first time ever, privacy rules for the financial sector.
		On May 11, 2000 the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision issued their final financial privacy rules, pursuant to the Gramm-Leach-Bliley Act.
		Previous privacy legislation includes a bill, H.R. 10, that does not provide adequate privacy protections in both financial and medical privacy arenas.
	www.cdt.org /privacy/issues/financial (284 words)

	FFIEC InfoBase
		The "FFIEC InfoBase" was created by the Task Force on Examiner Education to provide field examiners of the five-member financial institution regulatory agencies a fast source of introductory training and basic information on specific topics.
		While the initial distribution of the first topics was provided on a CD ROM, the design has been replicated to this Web site for availability to all agency examiners via the Internet using high speed access, a standard Web browser, and minimal plug-ins.
		Select Table of Contents to view a screen that allows you to select the way in which you wish to look at a list of Financial Privacy InfoBase resources.
	www.ffiec.gov /exam/InfoBase/start.htm (506 words)

	Wired News: Financial Privacy Under Attack?
		The growing debate over the bill pits two powerful factions against each other: Law enforcement officials claim more financial monitoring of Americans is necessary to thwart drug-related money laundering, while civil libertarians say that the proposed legislation is too extreme and privacy rights should prevail.
		"People are becoming aware of this systematic attack on our privacy," says Representative Ron Paul (R-Texas), who unsuccessfully tried to attach pro-privacy amendments to the bill while it was in committee.
		Introduced in March, the International Counter-Money Laundering Act allows the Treasury Department to require banks to report "suspicious" financial transactions involving other countries.
	www.wired.com /news/business/0,1367,37566,00.html (581 words)

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