12 Oct: Financial Information Confidentiality Protected Under Buono Bill

TRENTON – Citing the fact that federal law makes it too easy for financial institutions to sell their clients personal information, Senator Barbara Buono welcomed committee approval of her bill that would require that individuals “opt-in” before their private information could be shared by banks and credit card companies.

“Most people don’t realize that they have to sign a form with their credit card company saying they want to keep their financial information private,” explained Senator Buono. “It makes no sense that by default, financial institutions can sell such sensitive information about an individual. With identity theft the big threat it is these days, we need to make sure every reasonable safeguard is in place to protect consumers.”