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A statewide referendum will decide if banks and other financial institutions can continue to share or sell data without obtaining customer permission.
Laws that exceed federal standards by requiring customer permission before financial institutions can share data have been passed by Alaska, Connecticut, Illinois, North Dakota and Vermont.
But both consumer agencies have been involved in slamming -- an increasingly contentious issue concerning telephone company transfers of customers without customer permission.
A14 A Vote on Financial Privacy A statewide referendum tomorrow in North Dakota will decide if banks and other financial institutions can continue to share or sell data without obtaining customer permission.
Wells Fargo was sure to face criticism over the misdeeds of employees once The Los Angeles Times broke the story three years ago, detailing a hard-driving sales culture in which retail bank employees opened the accounts without customer permission to pad performance numbers.
In 2009, Yesenia Guitron, a banker in the Northern California town of St. Helena, filed reports to her branch manager, to her branch manager's boss and to Wells Fargo's ethics hotline about a colleague who she said was opening and closing accounts without customer permission.
Similar(48)
Increasingly they will seek customers' permission before marketing to them.
J. P. Morgan, taking a less paternalistic approach, is seeking its customers' permission.
They also enable utilities to tweak electricity loads, with customers' permission.
Tolstedt oversaw retail banking at Wells Fargo while about 1.5m deposit accounts and 565,000 credit cards were opened without customers' permission.
Since 2011 the bank fired more than 5,300 employees for opening more than 2m accounts without customers' permission.
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