Question: Are there any violations to FDIC/federal or SEC rules if the bank interfaces the customer information system with their brokerage firm's system to display investment balances, whereby a non-securities licensed employee can see that information and use that information for cross-sell purposes?
Answer: It is unclear whether the brokerage firm is an affiliate of the bank, so:
If you share customer information with your affiliate and your affiliate uses the information for marketing purposes, you have to provide an opt-out under the FCRA.
If this is not an affiliate, then you would have to offer an opt-out under the privacy regulations prior to sharing any information with them.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
