As reported on the AP wire:
During an hour of argument, several justices seemed taken aback at the magnitude of a federal appeals court ruling. Under that ruling, Geico Corp. and Safeco Insurance Co. would have to notify nearly all their customers that they aren’t getting the best rates because their credit scores aren’t the highest.[...]
The major issue in the case is the legal standard for finding that the insurance companies willfully violated the 37-year-old credit reporting law. The 9th U.S. Circuit Court of Appeals said the standard is reckless disregard for the statute’s notification requirement. The companies say the standard is higher — actual knowledge on the part of the companies that they are breaking the law.[...]
A copy of the transcript of today’s arguments is available at the SCOTUS web site. Looking at some of the discussion…. I begin to wonder if I have a big mouth. I’ve made no bones about my belief that users of credit data should disclose, and, well…
What can I say. I’m an actuary, not a lawyer.
1 response so far ↓
1 Mike The Actuary’s Musings » Additional Thoughts on Adverse Action Notices at the SCOTUS // 17 Jan 2007 at 7:14 pm
[...] I wrote last night about the Supreme Court hearing arguments on GEICO’s and Safeco’s appeal for getting slapped for failing to provide adverse action notices. [...]