Posts Tagged ‘Federal Trade Commission’

Facebook privacy issues: FTC is interested

January 21, 2010

Electronic Privacy Information Center filed a complaint against Facebook’s new privacy rules and it appears this got the attention of the FTC which responded, “”Your most recent complaint raises issues of particular interest for us at this time.”

Article here.

Mortgage broker discarded customer data in dumpster

January 22, 2009

The Federal Trade Commission charged broker with dumping more than 40 boxes of  customer data such as tax returns, mortgage applications, bank statements, photocopies of credit cards and drivers’ licenses, and at least 230 credit reports into a publicly accessible dumpster.

Of course this man, Gregory Navone, who owns First Interstate Mortgage Corporation (FIM) and Nevada One Corporation (Nevada One) provided his customers with a written statement claiming that the companies maintained “physical, electronic, and procedural safeguards that comply with federal standards to store and secure information about you from unauthorized access, alteration and destruction.”  Makes me wonder what the truth is when I’ve signed those statements.

News release

FTC orders top insurers to release data

December 30, 2008

The nine top providers of home-owner insurance have been ordered to provide the agency with information about policy holders, premiums, claims data, use of credit history etc.  The companies are: State Farm, Allstate, Fire Insurance Exchange, Nationwide, The Travelers, United Services Automobile Association, Liberty Mutual, The Chubb Corporation and American Family Mutual.   The FTC says that these nine carriers comprise sixty percent of the homeowners insurance market.  The companies have until April 24th 2009 to provide this information to the FTC

This request intrigues me because I don’t think insurance carriers have been required by the FTC to provide this kind of information before.   Also, the data itself will be a fascinating glimpse at a mostly hidden market; what it charges, terms and conditions of insurance, the relationship between credit-based insurance scores and the insurance provided.  Finally, this information about the top nine homeowner insurance carriers isn’t that easy to come by and here it is presented in a government news release.  I am surprised that Hartford Financial, Century 21 and CNA aren’t in this top group.

New release