Consumer privacy notices should be simpler, report says - - Tulsa, OK - News, Weather, Video and Sports - |

Consumer privacy notices should be simpler, report says

WASHINGTON (AP) _ The privacy notices stuffed into envelopes with bank and brokerage-firm statements and credit card bills aren't getting much of a reading from consumers and are too complicated for most to understand, regulators say.

The notices from financial institutions disclosing their privacy policies, required by law, should be simpler, shorter and better designed so that consumers can understand them, said the report issued Friday.

Commissioned by the Federal Reserve and other bank regulatory agencies, the Federal Trade Commission and the Securities and Exchange Commission, the report concluded that consumers are overwhelmed by complex information and that a new form of privacy notice is needed.

Researchers at Kleimann Communication Group, which conducted the study over 12 months, used focus groups of consumers to get their reactions to sample notices. They created privacy notices in tabular formats.

Most consumers don't understand the data-sharing practices of financial institutions and are therefore unable to make informed choices about how they allow their information to be used, the report says.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.