The Privacy Rule (Regulation P) governs your ability to share a consumer’s nonpublic personal information with nonaffiliated third parties. Generally, you can’t share such information with nonaffiliates, but there are a lot of exceptions. For instance, you can share with a nonaffiliated third party if the consumer authorizes it; you can share information to order checks; and you can provide a loan payoff amount to another lender, etc. Sharing with your affiliates is a different story because the Fair Credit Reporting Act has something to say about that. It’s important to understand this as you might be required to provide the consumer an opt-out.
Kevin explains more in the video.
Published
2024/06/28
