Privacy: Common Misconceptions

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