Gov't proposes new privacy form |
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Wed, 21 Mar 2007 16:50
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WASHINGTON (AP) - Federal regulators on Wednesday proposed a new design for the consumer privacy notices stuffed in bank statements and credit card bills, which have drawn criticism for being too complicated.The new notices are easier-to-read forms of two to three pages. They are designed to give consumers a clear sense of financial institutions' privacy practices. Consumers can cut out a form to let banks know they do not want to be placed on mailing lists.Last year, a report commissioned by the Federal Reserve and other bank regulatory agencies concluded that consumers were overwhelmed by complex information and that a new privacy notice was needed.'We found that a lot of people just didn't really understand what institutions did with financial information' said Amy Friend, assistant chief counsel at the Office of the Comptroller of the Currency, which was among the eight federal agencies to work on the model form.The form was required by a law signed by President Bush last year. While banks would not be forced to use the form once it is completed, using it would guarantee government approval, Friend said. Comments on the proposal are due in 60 days.The other agencies involved are: the Federal Reserve, Federal Deposit Insurance Corp., Office of Thrift Supervision, National Credit Union Administration, Federal Trade Commission, Commodity Futures Trading Commission and the Securities and Exchange Commission.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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White House: Eavesdropping program OK 