Legalities
U.S. Congress is aiming for consumer information privacy and online data security.
The House Energy and Commerce Subcommittee on Communications, Technology and the Internet released a draft bill introducing new laws that will affect company online advertising and marketing.
New provisions in the law includes:- Companies collecting personally identifiable information must clearly disclose how information about individuals is collected, used and disclosed.
- Companies will need express consent (as opposed to "opt-out" provisions) to collect sensitive information such as a user's medical records, financial accounts, Social Security Number, government-issued identification, and precise geographic location information.
- Requires detailed “opt-out consent” to the sharing of an individual's information with third-party advertisers' network.
[ Resources for you ]
Discussion draft copy of the House bill
Regulators provide online privacy notice builder for financial institutions.
A number of federal regulatory agencies teamed up to roll out an online privacy notice builder for financial institutions. The agencies involved include the Federal Trade Commission (FTC), Securities and Exchange Commission (SEC), Office of Comptroller of Currency (OCC), Federal Deposit Insurance Corporation (FDIC ), Board of Governors of the Federal Reserve System (FRB), Office of Thrift Supervision (OTS), the National Credit Union Administration (NCUA) and the Commodity Futures Trading Commission (CFTC).
The online form builder leads financial institutions to one of four forms depending on whether the company is providing customers with a right to opt-out or elects to allow affiliate marketing.[ Resources for you ]
Financial Institution Privacy Forms
| Privacy Notice Form 1: if you provide an opt out and you want to include affiliate marketing (PDF) |
