The Privacy rule generally prohibits the sharing of a consumer’s non-public personal information. This includes things such as account numbers, the names on accounts; or even the extent they are customers of your bank. There are however, a lot of exceptions. It’s not uncommon for us to see banks not taking advantage of such exceptions and going well beyond what the Rule actually requires.
Kevin explains more in the video.
Video Highlights:
- It’s easy to misunderstand the Privacy regulation and the general prohibition of sharing a consumer’s non-public personal information.
- There are some exceptions that still allow banks to do their job and share this type of information.
- The Privacy FAQs clarified such exceptions including check verification, loan payoffs and skip traces.
Published
2023/06/30
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
