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Released: November 03, 2011

Privacy advocates support Occupy Wall Street

Contact: .(JavaScript must be enabled to view this email address), Consumer Action 301-244-5081

WASHINGTON, DC - Leading U.S. privacy advocates, including Consumer Action, sent out a letter in support of the Occupy Wall Street (OWS) movement this week. The letter also assails the so-called "Mega-banks" that have for years systematically invaded the privacy of millions of Americans by exploiting their personal financial information without consent and using their institutional power to block the "99 Percent" from having the legally enforceable privacy rights they deserve. (Click here to download a PDF version of the letter.)

"An important part of the OWS movement is a demand for corporate accountability and a respect for the voice of the people," said Consumer Action's Michelle De Mooy. "Privacy represents a core human right that has been ignored by many entities and needs to be restored."

Advocates also extended an offer to hold privacy trainings for OWS members who want to gain access to and correct personal files, whether they are held by the N.Y.P.D., the F.B.I. or credit reporting agencies.

"Privacy is something the 99 percent want and deserve, but the 1% prefers the status quo because their control and exploitation of personal information both enhances profits and their control over the population," said Evan Hendricks, publisher and editor of Privacy Times.

In 1999, when Congress passed the Gramm-Leach-Bliley Act (GLB) allowing Mega-Banks to remove the firewalls created by the Depression-era Glass-Steagall Act, serious concerns were raised about their ability to compile detailed dossiers on consumers that could be used to manipulate them into buying or using questionable products or services.  Privacy advocates sought to institute strong privacy safeguards that would force Mega-Banks to obtain an individuals' consent before using or selling their personal data.

But the powerful bank lobbies prevented real protection.  The resulting watered-down provisions left them free to use and abuse personal data to sell shoddy products and services.  Mega-banks also took advantage of loopholes to exploit credit report data with the same result.  All of this helped bring about the sub-prime financial crisis from which our nation is still reeling.

Co-signers of the letter include Pam Dixon, World Privacy Forum, Linda Ackerman, Privacy Activism, Lewis Maltby, National Workrights Institute and Robert Ellis Smith, Privacy Journal.

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About Consumer Action

Consumer Action empowers low to moderate income and limited-English-speaking consumers nationwide to financially prosper through education and advocacy. By participating in legislative, regulation, and policy initiatives, Consumer Action ensures that underrepresented consumers have a voice in front of lawmakers and the national media. Consumer Action takes positions on almost 200 bills per national legislative session and testifies at least three times per year. In 2009, the organization participated in 30 advocacy coalitions on national and state levels.