The Privacy Leadership Initiative, which includes some major corporations and business associations, today released two studies suggesting that the existing privacy notices that congress mandated for financial services companies in the Gramm-Leach-Bliley Act are a mess.
The study suggested that consumers want a set of easily understandable forms for notices, akin to the language food products use to disclose ingredient information.
A second study conducted by Bentley College that focused on the Web said most consumers don't find existing privacy notices useful.
USAction, a national coalition of social service groups, released its own report today grading privacy notices sent out by 15 banks. The coalition said none of the banks got better than a "C."