We respect the rights of our customers to opt out of information sales. This information can be shared or sold without disclosure to or consent of the consumer. We do not need legislation to protect such a small percentage of people.
Legislation is an unnecessary burden on banks and financial institutions.
There are legitimate purposes for information sharing. Contracting with a third party to print and mail banking statements, processing credit card purchases and combating fraud and abuse are just some of the examples. Some even think that by removing customers from marketing lists who desire not to be marketed to, banks may actually see greater profits from a higher percentage of sales. If we can't share information with our affiliates, we will have no way of marketing these services. The legislation would prevent banks from compiling lists of customers that meet certain profiles and then using that information without the customers' prior consent.