Thread Options
#197806 - 06/07/04 08:48 PM Abandoned Property/ Privacy
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
I am doing a review of abandoned property (New York) right now. One thing that is required is to advertise in the local newspaper 30 days after the preliminary report filing is the names and last known addresses of persons appearing to be entitled to property of $50 or more.

Is this a violation of Reg. P? I am also going to post my question in the NY forum. I would think that it would be a violation.....
_________________________
My opinion is mine only- not my employer's!


Return to Top
Audit
#197807 - 06/08/04 12:50 AM Re: Abandoned Property/ Privacy
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,282
Galveston, TX
Look toward 216.15(7)(i):

"To comply with Federal, State, or local laws, rules and other applicable legal requirements"
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#197808 - 06/08/04 12:42 PM Re: Abandoned Property/ Privacy
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Regulation P and its parallel regulations are not a source of authority for making a disclosure. Nor are they a source of authority for prohibiting a disclosure other than an account number. All the regulation requires is that financial institutions give consumers disclosures of their practices and, if they make disclosures other than those “allowed by law” they must give the consumer a chance to opt out. This is simply not a disclosure the consumer has a right to opt out of.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top

Moderator:  Andy_Z