What Did I Buy?

  • 2003 0313 - A survey last year by the National Association of Insurance Commissioners found that only 28 percent of people with insurance -- life, auto, home, health or disability -- really understood the details of their coverage. The Washington Post - [LINK]
  • Senator, I understand that this is a burden, but the question is whether it is a necessary burden, this kind of disclosure.
  • If you recall, leading up to Gramm-Leach-Bliley, we had a situation, for example, with NationsBank and NationsSecurities.
  • And NationsSecurities was peddling a very, very risky derivative product to NationsBank  customers.
  • And the majority of them had bought very, as you know, conservative certificates of deposit.

-- Travis Plunkett, Legislative Director, Consumer Federation of America on behalf of the Consumer Federation of America, Consumers Union, and the U.S. Public Interest Research Group

2004 0713 - GOV - EXAMINATION OF THE GRAMM-LEACH-BLILEY ACT FIVE YEARS AFTER ITS PASSAGE