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#1364869 - 03/26/10 05:44 PM Privacy and Affiliates
TEL Offline
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Joined: Feb 2009
Posts: 160
I read the recent threads from Model Privacy Form and Model Privacy Notice and Annual Mailing Question. So, regarding an insurance operating subsidary of the bank - Under FCRA 603(d)(2)(A)(ii) and 624 - if inforamtion is shared bewteen the subsidiary and the bank solely for the purpose of facilitating the insurance application (i.e. no marketing) acceptable with out providing an opt out? If yes, any limit on the information (FCRA 603(d)(2)(A)(ii) refers to communication of "that information" . . .)? - - Lastly, and for confirmation, under GLBA sharing between affilitates (i.e. insurance operating subsidary of the bank ) is permitted without opt out under xx.6(a)(3) - Am I understanding correctly?

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#1393051 - 05/18/10 08:47 PM Re: Privacy and Affiliates TEL
DD Regs Offline
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DD Regs
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
I'm only responsible for what I say, not for what you understand.

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#1393589 - 05/19/10 07:32 PM Re: Privacy and Affiliates DD Regs
Soccer Offline
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Joined: Jan 2010
Posts: 995
I also struggled with this, we have the same circumstance and I believe that you do have to offer the opt-out. My understanding is once you share non public information even if it is with a sub you have to give the customers the option.
Does anyone have confirmation as Elliottt asked?
Everything happens for a reason

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#1441486 - 09/10/10 06:11 PM Re: Privacy and Affiliates Soccer
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Can I revive this discussion? We have this situation as well. The insurance co is owned by the bank. And I haven’t read the reg well enough to give comment. (Sometimes it is good to be the auditor. I can read later!)

Where are you placing your ins co on the form? Are you providing an opt-out for sharing the loan application & info for the assistance of the insurance quote? Are you providing an opt-out for marketing?

Our staff is struggling with whether or not the ins co is an affiliate or whether or not they meet the definition of "non-affiliated third party." This definition from 216.3(m) is causing grief at our shop.

2) Nonaffiliated third party includes any company that is an affiliate solely by virtue of your or your affiliate’s direct or indirect ownership or control of the company in conducting merchant banking or investment banking activities of the type described in section 4(k)(4)(H) or insurance company investment activities of the type described in section 4(k)(4)(I) of the Bank Holding Company Act (12 U.S.C. 1843(k)(4)(H) and (I)).

Any thoughts?

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#1445893 - 09/21/10 04:22 PM Re: Privacy and Affiliates Cornfed Turtle
C. D. Regs Offline
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C. D. Regs
Joined: Nov 2009
Posts: 6
In a pile of MN paperwork

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