EELN E-Loan (MM)

E-LOAN Supports Stringent National Identity Theft Legislation U.S. Senator Dianne Feinstein's 'Notification of Risk to Personal Data Act of 2005' (S. 751) Is in Line With E-LOAN's Position That Consumers Must Be Notified When Their Personal DATA Is Breached PLEASANTON, Calif., June 7 /PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN), an online consumer direct lender and longtime advocate of consumer financial privacy protections, today announced its support of U.S. Senator Dianne Feinstein's (D-Calif) proposed identity theft notification legislation that would ensure consumers are notified when their personal information is compromised. Bill S.751 requires a business or government entity to notify an individual in writing or email when it is believed that their personal information -- such as a Social Security number, driver's license or state identification number, or credit card or bank account information -- has been compromised. Currently, only two exceptions to notification exist: upon the written request of law enforcement purposes of a criminal investigation, and for national security purposes. "Identity theft is a vast and growing crime that affects nearly 10 million Americans each year," Senator Feinstein said. "This problem is compounded by database breaches that expose thousands of individuals to identity theft in a single incident. So far this year there have been 11 database or security breaches where the personal information of nearly 8 million people was compromised. I welcome the support of E-LOAN for legislation I introduced to help protect consumers when they are unknowingly put at risk for identity theft." "Existing notification rules aren't strong enough to effectively combat the proliferation of identity theft," said Tess Koleczek, Chief Privacy Officer of E-LOAN. "While E-LOAN already has a notification policy that's in line with Senator Feinstein's proposed legislation, we believe the Notification of Risk to Personal Data Act is needed to ensure the entire financial industry is consistent in doing everything possible to help protect consumers." "In spite of the need for stronger privacy and identity theft legislation, many leading banks continue to argue that existing regulations are 'adequate' at providing the necessary level of protection to safeguard consumers' personal financial data," said Chris Larsen, Chairman and Founder of E-LOAN. "It is unfortunate that they're choosing to take the short term view of maintaining the status quo rather than supporting legislation that helps to protect consumers and benefits everyone -- including the financial industry -- in the long run. We firmly support Senator Feinstein in her efforts to enact this legislation and applaud her for continuing this fight on behalf of all consumers." With at least 12 major breaches of databases and the data of more than 10.7 million people put at risk since February 2004, the threat of identity theft continues to grow as a primary concern for consumers. S.571 is based upon an existing California privacy law -- the first and only State law requiring notification to individuals; however, it is significantly stronger in several key areas such as covering both electronic and non-electronic data, allowing individuals to put a 7-year fraud alert on their credit report, laying out specific requirements of information to be included in the consumer breach of data notice, and enforcing tougher penalties. The law would be enforced by the Federal Trade Commission and would serve as a national standard so that consumers nationwide would enjoy the same rigorous protections as consumers in California. About E-LOAN E-LOAN(R) is an online consumer direct lender dedicated to providing borrowers with a Radically Simple(SM) way to obtain mortgage, auto and home equity loans. Since its launch in 1997, E-LOAN has drawn upon its pro consumer values to improve the lending experience in revolutionary ways. By eliminating the traditional incentive structure to charge consumers higher rates, giving consumers free access to credit scores and getting rid of lender fees, E-LOAN is providing a uniquely open, fair and honest loan process. Protecting consumers' financial privacy is also a paramount concern, prompting E-LOAN to implement industry leading privacy practices and advocate strong consumer financial privacy protection laws. Consumers have recognized E-LOAN's trustworthiness and respect for customers. An independent study conducted by TRUSTe and The Ponemon Institute ranked E-LOAN as one of the top 20 most trusted companies for privacy in America. E-LOAN was the highest ranked online financial services company to make the top 20. In another independent study by The Customer Respect Group, E-LOAN received the overall highest rating in the Online Customer Respect Study of North America's largest financial services firms. From inception through March 31, 2005, E-LOAN has originated and sold over $25.4 billion in consumer loans. E-LOAN is publicly traded on the Nasdaq National Market under the symbol EELN. To find out more about E-LOAN and its products and services, logon to http://www.eloan.com/ or call 1-888-E-LOAN-22. E-LOAN Press Contact: E-LOAN Press/Investor Contact: Laurie Azzano Tiffany Fox Cosmo Public Relations E-LOAN, Public/Investor Relations 504/296-1349 925/847-6314 DATASOURCE: E-LOAN CONTACT: Tiffany Fox of E-LOAN, +1-925-847-6314, or ; or Laurie Azzano of Cosmo Public Relations, +1-504-296-1349, or , for E-LOAN Web site: http://www.eloan.com/

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