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I can't summarize the
specific risks of JPMorgan Chase with Argus, Verisk, and consumer privacy, but
I can provide some general information that might be helpful.
JPMorgan Chase is a
large financial institution that collects a lot of data on its customers. This
data could include things like your name, address, Social Security number,
income, and spending habits. This data is valuable to JPMorgan Chase, but it
could also be valuable to criminals or other unauthorized people.
Argus and Verisk are
data analytics companies that provide information to businesses, including
financial institutions. It is possible that JPMorgan Chase could share customer
data with Argus or Verisk. If this data is not properly secured, it could be accessed
by unauthorized people.
Consumer privacy is a
growing concern, and there are laws and regulations in place to protect
consumer data. JPMorgan Chase is required to comply with these laws and
regulations. However, there is always a risk that a data breach could occur.
Here are some steps that
JPMorgan Chase could take to mitigate these risks:
- Implement strong security measures to protect customer data
- Only share customer data with authorized third parties
- Be transparent with customers about how their data is collected and
used
- Comply with all applicable laws and regulations
If you are concerned
about your privacy, you can contact JPMorgan Chase to ask about their data
security practices. You may also want to consider reviewing your privacy
settings with the bank. I asked Chase ten times to not record my voice for
recognition, to never share my social security number, date of birth or address
but they continue to give away the bank. Argus, Trans Union, and Verisk (the
prior parent company) all sell my information to the devil.
PMorgan Chase's lawsuit
against Trans Union hinges on the alleged misuse of anonymized credit card data
by Argus, which Trans Union later acquired. Here's the breakdown:
- The OCC Mandate (2009): The Office of the Comptroller of the Currency (OCC) required
banks like JPMorgan Chase to submit anonymized (no Personally Identifiable
Information - PII) credit card data.
- Argus as Data Aggregator: The OCC contracted with Argus to collect and process this
anonymized data from banks. This presumably involved compiling and
analyzing the data for the OCC.
- Confidentiality Expectations: JPMorgan Chase likely assumed the anonymized
data would be kept confidential by Argus, considering the OCC's purpose
and trade secret laws.
- Federal Reserve & CFPB Contracts: The Federal Reserve and
Consumer Financial Protection Bureau (CFPB) followed suit, trusting Argus
with similar anonymized data collection.
- Trans Union Acquires Argus: Later, Trans Union acquired Argus, inheriting the contracts
and the anonymized data.
- JPMorgan Chase Sues Trans Union: JPMorgan Chase suspects Trans Union misused
the anonymized data, potentially by:
- De-anonymizing it (which could be a challenge)
- Combining it with other datasets to identify
individuals
- Selling the data (even if anonymized) in a way that
wasn't aligned with the original agreements.
JPMorgan Chase believes
Trans Union violated the trust and potentially even the law regarding how
anonymized data should be handled. Chase is responsible as well, this is a
method to appear compliant, not actually be within privacy laws.
There are several key
privacy laws in the United States that protect consumers' banking and credit
habits. Here's a breakdown of some of the most important ones:
- The Gramm-Leach-Bliley Act (GLBA): This 1999 law requires financial institutions to
protect the privacy of their customers' nonpublic personal financial
information (NPPI). NPPI includes things like your name, address, Social
Security number, income, and account balances. The GLBA also gives
consumers the right to know what information a financial institution
collects about them and how it is shared.
- The Fair Credit Reporting Act (FCRA): This 1970 law regulates credit
reporting agencies (CRAs) like Experian, Equifax, and TransUnion. The FCRA
gives consumers the right to see their credit reports and dispute any
errors. It also limits how often your credit report can be checked without
your permission.
- The Right to Financial Privacy Act (RFPA): This 1978 law restricts the
government's ability to access your financial records without a warrant or
your consent. It also requires financial institutions to notify you before
they disclose your nonpublic personal information to third parties.
These are just a few of
the key laws that protect consumer privacy in the context of banking and
credit. It's important to note that these laws are complex and there may be
exceptions.
- Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/ The
CFPB is a government agency that enforces many of the consumer financial
protection laws, including the GLBA and the FCRA.
