Banks sell your secrets

Article Abstract:

Most large national banks in the US are selling customer information to marketing companies. Banks produce millions of dollars in revenue by supplying third parties with information on millions of customers, including names and addresses, Social Security numbers, credit card numbers, account balances and payment behavior scores. Banks usually get 20% to 25% of the revenue generated by the marketer from the customers. As a result, consumer protection advocates are lobbying for more regulations that woud boost consumers' rights to refuse the sale of their financial details.

Commercial Banks, Commercial Banking, Banking Regulation NEC, Banking law

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House OK's bill expanding credit unions

Article Abstract:

The US Senate passed a legislation in the last week of July 1998 that seeks to increase the coverage of credit unions. The move, which is expected to be signed into law by President Clinton, contains provisions that include the acceptance as members of firms with 3,000 employees or lower and the continued membership of firms with over 3,000 workers provided they were members before the signing of the new law. The new law has been hailed by consumer advocates as a victory for consumers in need of an alternative to banks.

Comment:

The US Senate passed a legislation in the last week of 7/98 that seeks to increase the coverage of credit unions

Services information, Credit Unions, Article

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House cracks down on debtors

Article Abstract:

The US House of Representatives on Mar 1, 2001 voted 309-108 in favor of a bill that will force more bankrupt people to repay debts. In praising the House for passing the bill, banking and creditor groups said the bill is necessary to prevent consumers from abusing the present system. However, a broad coalition of women's groups, labor unions, civil rights organizations and consumer advocates has criticized the bill as pro- creditor.

Consumer Credit Regulation, Commercial law, Consumer credit

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