August 29, 2001
A CDT report finds that, of 100 banks studied that offer their customers the ability to open accounts online and use other banking services online (such as bill payment, mortgage quotes, and much more), only 22% provide their customers equally convenient online means of preventing information sharing with other companies. Of greatest concern, several mortgage companies that offer online services are not giving their customers any notice of their privacy practices. CDT filed a complaint with the Federal Trade Commission (FTC) requesting that they take action against these mortgage companies who are in direct violation of the financial services law that went into effect on July 1. However, some banks did take a leadership role giving consumers direct control over their information.