E-LOAN Supports Stringent National Identity Theft Legislation
June 07 2005 - 9:01AM
PR Newswire (US)
E-LOAN Supports Stringent National Identity Theft Legislation U.S.
Senator Dianne Feinstein's 'Notification of Risk to Personal Data
Act of 2005' (S. 751) Is in Line With E-LOAN's Position That
Consumers Must Be Notified When Their Personal DATA Is Breached
PLEASANTON, Calif., June 7 /PRNewswire-FirstCall/ -- E-LOAN(R)
(NASDAQ:EELN), an online consumer direct lender and longtime
advocate of consumer financial privacy protections, today announced
its support of U.S. Senator Dianne Feinstein's (D-Calif) proposed
identity theft notification legislation that would ensure consumers
are notified when their personal information is compromised. Bill
S.751 requires a business or government entity to notify an
individual in writing or email when it is believed that their
personal information -- such as a Social Security number, driver's
license or state identification number, or credit card or bank
account information -- has been compromised. Currently, only two
exceptions to notification exist: upon the written request of law
enforcement purposes of a criminal investigation, and for national
security purposes. "Identity theft is a vast and growing crime that
affects nearly 10 million Americans each year," Senator Feinstein
said. "This problem is compounded by database breaches that expose
thousands of individuals to identity theft in a single incident. So
far this year there have been 11 database or security breaches
where the personal information of nearly 8 million people was
compromised. I welcome the support of E-LOAN for legislation I
introduced to help protect consumers when they are unknowingly put
at risk for identity theft." "Existing notification rules aren't
strong enough to effectively combat the proliferation of identity
theft," said Tess Koleczek, Chief Privacy Officer of E-LOAN. "While
E-LOAN already has a notification policy that's in line with
Senator Feinstein's proposed legislation, we believe the
Notification of Risk to Personal Data Act is needed to ensure the
entire financial industry is consistent in doing everything
possible to help protect consumers." "In spite of the need for
stronger privacy and identity theft legislation, many leading banks
continue to argue that existing regulations are 'adequate' at
providing the necessary level of protection to safeguard consumers'
personal financial data," said Chris Larsen, Chairman and Founder
of E-LOAN. "It is unfortunate that they're choosing to take the
short term view of maintaining the status quo rather than
supporting legislation that helps to protect consumers and benefits
everyone -- including the financial industry -- in the long run. We
firmly support Senator Feinstein in her efforts to enact this
legislation and applaud her for continuing this fight on behalf of
all consumers." With at least 12 major breaches of databases and
the data of more than 10.7 million people put at risk since
February 2004, the threat of identity theft continues to grow as a
primary concern for consumers. S.571 is based upon an existing
California privacy law -- the first and only State law requiring
notification to individuals; however, it is significantly stronger
in several key areas such as covering both electronic and
non-electronic data, allowing individuals to put a 7-year fraud
alert on their credit report, laying out specific requirements of
information to be included in the consumer breach of data notice,
and enforcing tougher penalties. The law would be enforced by the
Federal Trade Commission and would serve as a national standard so
that consumers nationwide would enjoy the same rigorous protections
as consumers in California. About E-LOAN E-LOAN(R) is an online
consumer direct lender dedicated to providing borrowers with a
Radically Simple(SM) way to obtain mortgage, auto and home equity
loans. Since its launch in 1997, E-LOAN has drawn upon its pro
consumer values to improve the lending experience in revolutionary
ways. By eliminating the traditional incentive structure to charge
consumers higher rates, giving consumers free access to credit
scores and getting rid of lender fees, E-LOAN is providing a
uniquely open, fair and honest loan process. Protecting consumers'
financial privacy is also a paramount concern, prompting E-LOAN to
implement industry leading privacy practices and advocate strong
consumer financial privacy protection laws. Consumers have
recognized E-LOAN's trustworthiness and respect for customers. An
independent study conducted by TRUSTe and The Ponemon Institute
ranked E-LOAN as one of the top 20 most trusted companies for
privacy in America. E-LOAN was the highest ranked online financial
services company to make the top 20. In another independent study
by The Customer Respect Group, E-LOAN received the overall highest
rating in the Online Customer Respect Study of North America's
largest financial services firms. From inception through March 31,
2005, E-LOAN has originated and sold over $25.4 billion in consumer
loans. E-LOAN is publicly traded on the Nasdaq National Market
under the symbol EELN. To find out more about E-LOAN and its
products and services, logon to http://www.eloan.com/ or call
1-888-E-LOAN-22. E-LOAN Press Contact: E-LOAN Press/Investor
Contact: Laurie Azzano Tiffany Fox Cosmo Public Relations E-LOAN,
Public/Investor Relations 504/296-1349 925/847-6314 DATASOURCE:
E-LOAN CONTACT: Tiffany Fox of E-LOAN, +1-925-847-6314, or ; or
Laurie Azzano of Cosmo Public Relations, +1-504-296-1349, or , for
E-LOAN Web site: http://www.eloan.com/
Copyright
E Loan (NASDAQ:EELN)
Historical Stock Chart
From Jan 2025 to Feb 2025
E Loan (NASDAQ:EELN)
Historical Stock Chart
From Feb 2024 to Feb 2025