Massachusetts Credit Card Privacy & Privacy Notices

In late 2009, the government released a model privacy form for financial institutions, including credit card companies, to use.

Federal agencies involved in creating the new model privacy notices include: 

•  Commodity Futures Trading Commission
•  Federal Deposit Insurance Corporation
•  The Board of Governors of the Federal Reserve System
•  Federal Trade Commission
•  National Credit Union Administration
•  Office of Thrift Supervision
•  Securities and Exchange Commission

When these agencies created the new model forms, they used marketing research, input from the public and testing to develop the privacy notices to protect consumers and their data.

Purposes of New Privacy Notices

These privacy notices are designed to help credit card companies and other financial institutions to comply with the Gramm-Leach-Bliley Act, which requires financial institutions to notify consumers about how the companies handle individual personal financial information.

The new privacy notices also help consumers and are designed to be easy to read. In addition, the privacy notices will aid consumers in comparing different companies' privacy policies.

Types of Privacy Notices

Privacy notices will come in two forms - forms with an opt-out and forms without an opt-out. An opt-out provides a consumer the ability to restrict a credit card company from sharing personal financial information.

While these new model privacy notices are not mandatory, the forms were designed to protect credit card companies and other financial institutions as well as consumers.

Learn more about Massachusetts Credit Card Privacy Laws by visiting our library. 

Despite the government's best efforts to make sure that you get the appropriate information regarding how your personal financial information is handled by your credit card company, the company that you use may violate privacy laws. If you think that this is the case, the expert Massachusetts class action attorneys at Phillips & Garcia will fight for your rights. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.