Victory State Bank Spotlights FTC’s Consumer-Privacy Efforts
STATEN ISLAND, N.Y. -- As an advocate of consumer privacy, Victory State Bank is applauding efforts by the Federal Trade Commission (FTC) to protect the privacy of consumers on the Internet.
The FTC has testified before Congress about the agency’s efforts to protect consumer privacy, including the agency’s support for implementation of a “Do Not Track” mechanism that would allow consumers to control the tracking of their online activities across websites, and other approaches recommended in its recent privacy report.
In delivering Commission testimony before the Senate Committee on Commerce, Science and Transportation, FTC Chairman Jon Leibowitz said the current time is a “critical juncture” for consumer privacy, and described the FTC’s recent privacy report, including its call for final implementation of a Do Not Track mechanism.
The testimony notes that the Commission recommends Congress consider enacting general privacy legislation, and that it enact data security and breach notification legislation and targeted legislation to address data brokers.
Commissioner Maureen Ohlhausen presented her own statement at the hearing but voted “not participating” on the Commission testimony, as she was not at the Commission at the time of the release of the privacy report.
3 MAIN PRINCIPLES
The report, titled “Protecting Consumer Privacy in an Era of Rapid Change: Recommendations for Businesses and Policymakers,” advocates three main principles for protecting consumer privacy:
- First, companies should adopt a “privacy by design” approach by building privacy protections into their everyday business practices.
- Second, companies should provide simpler and more streamlined choices to consumers about their data practices.
- Third, companies should take steps to make their data practices more transparent. In particular, companies that don’t deal directly with consumers, such as data brokers, should give consumers reasonable access to the data they maintain about them.
The report urges individual companies and self-regulatory bodies to accelerate the adoption of the principles contained in the privacy framework.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
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