Internet Banking News

November 9, 1999 - Special Edition

Today, the four federal banking agencies released a 65 page report on the results of a survey of Internet privacy policies of banking and thrift institutions. The survey report, titled Interagency Financial Institution Web Site Privacy Survey Report, examined 314 World Wide Web sites selected randomly, plus those of the 50 largest banks and thrifts with Web sites.

Overall, 48 percent of the 364 Web sites surveyed posted a privacy disclosure. Only 16% had Internal opt out procedures, and 18% had External opt out procedures. The survey further showed that transactional web sites were more likely to have a privacy statement than an informational web site.

The survey shows that the examiners will be looking closely at the content of your privacy statement. The survey questions were interesting. A couple of questions had to do with the location of the link on the home page, and if the site visitor had to scroll down to locate the link.

The FDIC press release can be found at http://www.fdic.gov/news/news/press/1999/pr9966.html and the 65 page report is at http://www.fdic.gov/news/news/press/1999/privacy.pdf.

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Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119
Examiner@yennik.com

 

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