July 27, 2010
Dear SEC;
One area which hasn't been addressed is cyber technology. I have attached my letter to your agency about Chase's Home Mortgage Unit's breach of Gramm-Leach Bibley Act.
I'm not trying to split hairs but if Chase can allow brokers to skip attendance to their in house training classes such as Handling of Confidentiality and Fraud Prevention and circumvent their Chief Confidentiality and Global Investigation unit - by using personal hand held electrical devices then the SEC and Dodd-Frank Consumer Protection act.
Never in my wildest dreams did I imagine walking into Chase and meet their mortgage loan officer who never acknowledged his conflict of interest in working for First Allied Mortgage Banks nor how my private financial information was then jeopardized and not covered under the Chase's privacy policies.
There is no reason for this. Chase should either reimburse all employees allowed to use their personal electrical hand held devices which are on their corporate signatures or provide these devices themselves. This would eliminate the problem of whether the bank is responsible of leaking private financial information because it was transferred on a personal electrical hand held device.
Hand held electrical devices are today what lap computers were a decade ago. A bank can't comply with the Consumer Protection Act if all their internal financial information is released through personal electrical hand held devices.
In order to be effective the Consumer Protection Act must take into account the banks' accountability for confidentiality and hand held electrical devices. This was not the case as I experienced on a consumer level.
To date Chase never been willing to subpoena the server of their employee's hand held device to find out how many documents and financial information was being relayed to First Allied Mortgage Bankers. This is unfortunate because the employee boasts on his resume of working at both Chase and First Allied for nine years!
When I submitted my complaint to your office, the SEC's response was a dismissive closing letter.
However, the OCC has open my complaint under Case # 01206732- JP Morgan Chase Bank, National Associates.
Best Regards
Gene Matarese