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Daily Dashboard | Survey: Banks Using Customer Data Improperly Related reading: CFPB releases Consumer Protection Principles on financial data sharing


The Standard reports that many local banks have full power to do what they wish with personal information provided by credit card applicants. A recent New Forum survey, conducted in the wake of the Octopus Cards scandal in which the company admitted to selling the personal data of its customers, found that 10 local banks' credit card application forms have no "opt-in" or "out-out" clauses regarding privacy and that the banks acknowledge using personal data for purposes other than credit checks and debt collection, the report states. A New Forum spokesman said, "Banks are selling out customers," suggesting separate forms for credit card applications and authorization for use of personal data.
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