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#2078713 - 05/13/16 08:51 PM Reg P Marketing to our cusomters
HeyHey Offline
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Joined: Dec 2012
Posts: 61
Question…I need to be pointed in the correct direction on this.

Can you advertise/solicit to customers via mail/email and not allow them to opt-out of that sharing? (Not talking about affiliates and nonaffiliates) Please site me the portion of the reg if you can that identifies this if its true.

Hope this makes since. My thought is, yes we can market to them and not allow them to opt-out. Reg. P does not seem to be specific about FI being able to say no you can’t limit sharing (Reg. P 1016.1(a)(2)&(3)). It’s only specific for affiliated and nonaffiliated third parties and members being able to limit the FIs sharing in those instances.

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#2078749 - 05/14/16 04:56 PM Re: Reg P Marketing to our cusomters HeyHey
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
I don't understand your question? What are you sharing and with whom???
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2078781 - 05/16/16 02:06 PM Re: Reg P Marketing to our cusomters rlcarey
HeyHey Offline
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Joined: Dec 2012
Posts: 61
With all due respect...I did say that we are marketing to our customer(s) and the context is Reg. P 1016 (Privacy of consumer financial information)

More specifically we are wanting to advertise our products such as different account products & loan products (auto, signature loans etc.).

I am only wanting to know about the privacy notice though. For example: The top section of the privacy notice (half way down) (pg. 1) labeled "Reasons we can share your personal information" and within the column labeled "For our marketing purposes" sub title: "To offer our products and services to you" under the heading: "Does XYZ Bank share?" "Yes", "Can you limit this sharing?"...the questions would be, is it okay to say "No" you cannot limit sharing and if so/not so please sight your reasoning. I am unable to locate the citation for this and need some guidance if possible.

Please let me know if you need further clarity.

Thanks.

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#2078948 - 05/17/16 03:01 PM Re: Reg P Marketing to our cusomters HeyHey
Inspector Offline
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Joined: Apr 2016
Posts: 283
Without getting into the details of what information you are sharing and to whom, it is allowable to say "No" the consumer cannot limit sharing if it is the bank's policy to not allow the consumer to limit sharing. I don't believe there is a specific citation that states this other than the language below which requires the disclosure to accurately reflect the institutions practices.


§1016.4 Initial privacy notice to consumers required.
(a) Initial notice requirement. You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to:

(1) Customer. An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph (e) of this section; and

(2) Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by §§1016.14 and 1016.15 of this part
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Opinions expressed are my own and do not reflect legal advice or the opinions of my employer.

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#2079022 - 05/17/16 06:46 PM Re: Reg P Marketing to our cusomters Inspector
HeyHey Offline
Member
Joined: Dec 2012
Posts: 61
That helps.

Thanks so much for your help!

Have a great day.

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#2079064 - 05/17/16 08:21 PM Re: Reg P Marketing to our cusomters HeyHey
bigfish Offline
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Joined: Oct 2006
Posts: 66
trolling for the big one
Don't forget about the CAN-SPAM requirements. Your email advertisements, even if they are only to your existing customers, need to include a mechanism to opt out of receiving future email advertisements.

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#2079076 - 05/17/16 08:53 PM Re: Reg P Marketing to our cusomters bigfish
HeyHey Offline
Member
Joined: Dec 2012
Posts: 61
Great reminder!

Thanks for that addition.

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#2079113 - 05/18/16 12:25 AM Re: Reg P Marketing to our cusomters HeyHey
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
I guess I am still confused. If you are marketing your own products to your own customers, what does Reg. P have to do with any of it?? I sked to know with whom and what information you were sharing. Without that information, who knows if it is Regulation P or the FCRA that comes into play. If you aren't sharing information with a third party or an affiliate, then neither are of a concern or are applicable.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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