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Featuring interviews with GAO officials on significant issues and new reports, the Watchdog Report is recorded, hosted, and produced by GAO staff.

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Consumer Protection--When Banks Share Your Information with Other Vendors

Monday, November 23, 2020

If you've ever applied for a loan, you know that banks and credit unions collect a lot of personal financial information, like on your income and credit history. And it's not uncommon for customers--after applying or getting a loan--to receive advertisements in the mail for products from other vendors. While collecting this information is important for banks in conducting everyday business, it can also potentially expose consumers to unwanted solicitations from outside vendors, as well as other risks. We talk with two GAO experts about a new report on how banks collect and share your personal information and the role the federal government plays in overseeing this use.