Reg B and Privacy Requirements
Question: With respect to privacy requirements and Regulation B, you have stated that the sharing of information between applicants is permissible because the bank may presume that they have waived the privacy issues between one another. I agree with that interpretation and have operated under that practice. However I was wondering if you can give me the exact location in Reg B that addresses this issue.
Answer: There isn't any specific language in Regulation B itself. The statement was made by the Federal Reserve when publishing changes to Regulation B. The statement was placed in what we call the Federal Register document, the lengthy discussion of issues that precedes the actual regulatory text or proposed text.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 10, 9/05
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