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In a column for the Los Angeles Times, David Lazarus observes the difficulty consumers have when attempting to access their privacy settings with their financial institutions. Banks must notify customers annually that their personal data could be shared with third parties if they do not opt out, but informing customers of their previously stated privacy preferences is not a legal requirement, the report states. “This is a loophole that needs filling,” writes Lazarus, adding, “Otherwise, consumers will be needlessly confused every time they receive an obligatory annual notice informing them that their personal info could be shared.”
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