AFFIRMATIVE-CONSUMER/INTERNET-OTHER AFFIRMATIVES 383
BANKING & FINANCIAL INSTITUTIONS SOLVENCY
CONGRESS MUST PASS LEGISLATION PROTECTING FINANCIAL PRIVACY ON THE INTERNET
Bryan S. Schultz, Associate Member, 1997-98, University of Cincinnati Law Review, "ELECTRONIC MONEY, INTERNET COMMERCE, AND THE RIGHT TO FINANCIAL PRIVACY: A CALL FOR NEW FEDERAL GUIDELINES," University of Cincinnati Law Review, Spring, 1999, 67 U. Cin. L. Rev. 779, EE2001-JGM, P 799-800
Despite the benefits inherent in a communication medium free from government regulation, the introduction of electronic money threatens the success of the relaxed regulatory structure of the Internet. n160 Absent [*800] proper safeguards, Internet transactions conducted with electronic money may become the subject of cyber-theives, -swindlers, and -pick-pockets. n161 Moreover, an electronic money system that fails to prevent unauthorized access to personal financial information jeopardizes every individual's right to financial privacy. n162 Only when individuals are confident that electronic money systems provide sufficient security measures will the Internet reach its greatest potential. n163 In this regard, consumer confidence in electronic money systems will grow as the safety and preservation of important financial privacy rights are guaranteed by regulation. n164 Thus, to ensure the commercial success of the Internet, Congress must provide adequate safeguards to protect these privacy concerns.
INFORMATION GIVEN TO A FINANCIAL INSTITUTION IS PRIVATE AND SHOULD STAY THAT WAY
Beth Givens, director of the Privacy Rights Clearinghouse, The San Francisco Chronicle MAY 1, 2000, SECTION: EDITORIAL; Pg. A23; OPEN FORUM TITLE: Opt-In to Financial Privacy // acs-EE2001
Many consumers feel strongly that information they must supply to a financial institution to open a bank account, get a car loan, a mortgage, an insurance policy or a mutual fund should be used for that one purpose alone. A 1998 American Association of Retired Persons poll found that 81 percent opposed the sharing of personal financial information by corporate affiliates.