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  1. #1
    40norFeka6
    Guest

    Safeguard customers’ personal information; regulators are watching

    NEW YORK, Sept. 19, 2014 (Thomson Reuters Accelus) – In a sanction that can serve as a wake-up to the financial industry, Verizon Communications last week agreed to pay $7.4 million to end an investigation that found it failed to tell two million new customers about their privacy rights before using their information for marketing purposes, the Federal Communications Commission said.

  2. #2
    Guest

    Safeguard customers’ personal information; regulators are watching

    The privacy probe highlights the vigilance that must be paid to consumer privacy rights to meet regulators’ requirements. Although the financial industry mostly answers to different regulators, it too is subject to laws and regulations protecting the privacy of its customers.

  3. #3
    Guest

    Safeguard customers’ personal information; regulators are watching

    The FCC said its investigation found that these phone customers, starting in 2006, did not receive proper privacy notices in their first bills. The notices would have told consumers how to opt out of having their personal information used to tailor marketing offers, which the company later sent to them. Compounding the lapse, the FCC learned, Verizon failed to discover these problems until September 2012 and failed to notify the FCC of these problems until January 18, 2013 — 126 days later.

  4. #4
    Guest

    Safeguard customers’ personal information; regulators are watching

    The Gramm-Leach-Bliley Act requires financial institutions — companies that offer consumers financial products or services like loans, financial or investment advice, or insurance — to explain their information-sharing practices to their customers and to safeguard sensitive data.

  5. #5
    Guest

    Safeguard customers’ personal information; regulators are watching

    The definition of “financial institution” includes many businesses that may not normally describe themselves that way. This includes, for example, check-cashing businesses, payday lenders, mortgage brokers, non-bank lenders, personal property or real estate appraisers, professional tax preparers and courier services.

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