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#166003 - 03/03/04 04:22 PM Privacy & FCRA
Bartman Offline
Diamond Poster
Joined: Oct 2000
Posts: 1,191
I suspect I've thought myself into a box here...

Reg. P allows for joint marketing agreements, and proper disclosure under section 13 allows me to share info without Reg. P opt-out.

FCRA section 603(d)(2) talks about sharing transaction & experience information with entities under common ownership & control as allowable without FCRA opt-out, and sharing anything more with entities under common ownership & control as allowable WITH FCRA opt-out.

But what may we share with entities NOT under common ownership?

We have an agreement with a local trust company to provide investment services. We don't have an ownership interest. I think joint marketing language in the privacy notice will fall under Reg. P section 13 and allow us to avoid opt-out, but I don't see the FCRA exemption.

Any suggestions?
Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."

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#166004 - 03/03/04 07:16 PM Re: Privacy & FCRA


I see Reg. P as dealing with non-affiliates and FCRA as dealing with affiliates. Therefore, with the trust company there are no FCRA issues because it is not an affiliate (common ownership, control, etc.).

As to the Reg. P side I would see the trust company as either a .13 exception to Privacy rules (assumes you have a contract with the right language) or if there isn't that joint marketing agreement in place then I see it as an "Reg. P- optoutable situation". Your customers would have the chance to opt out to any info sharing between you and the trust company.

Hope I haven't made this worse for you...............

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