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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/