Home > News > Privacy Bill of Rights Gets New Push From Obama

Comments 0 Comments

Two federal laws designed to create new federal rights to privacy are part of a sweeping new set of four broad digital-age consumer protections to be proposed by the administration, President Barack Obama announced Monday.

Speaking at the Federal Trade Commission, Obama announced four proposals designed to deal with a growing sense among Americans that they have “lost control of their personal information,” including a Consumer Privacy Bill of Rights and a Student Digital Privacy Act.

The announcement was intended as a preview of proposals the president will make during his upcoming State of the Union address.

The president also announced a growing number of financial institutions will offer consumers free access to their credit scores, including USAA and JPMorgan (you can see your credit scores for free on Credit.com as well). He’s also supporting a national data breach disclosure law. Currently, only a patchwork of state laws require firms that lose consumer data to notify victims.

“So much of the prosperity we seek…depends on the digital economy,”‘ Obama said, when announcing support for a slate of new consumer rights that he said would strike a balance between protecting privacy and promoting innovation. “These are basic, common sense pragmatic steps.”

The Consumer Privacy Bill of Rights would allow consumers to decide what data companies collect and limit how the data is used, Obama said. It will be introduced by the end of this month, he said.

The Student Digital Privacy Act will be part of a larger effort to enhance protections for students as schools increasingly turn to technology to track their progress, a fast-growing industry called “Ed-Tech.” The legislation would ban profiling students, and also ban use of data for marketing purposes. In his talk, Obama praised recently passed legislation in California that includes strict bans on marketing and tight controls on sale of the data to third parties.

“We didn’t have to reinvent the wheel,“ he said.

The president also announced that his administration would not wait until passage of the legislation to push for student privacy. The Department of Education is launching a set of tools to help schools deal with the privacy implications of the software and hardware they use. It is also eliciting voluntary privacy pledges from Ed-Tech firms, and plans to publicize the identity of firms that refuse to take that pledge, Obama said.

The president added that privacy advocates and tech firms should be able to find common ground in these proposals.

“Rather than be at odds, I think much of this work reinforces each other,” he said. The more we protect privacy, “the harder it is for hackers to hurt the economy.”

More on Identity Theft:

Image: iStock

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team