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#539 - 01/24/01 05:44 AM privacy and vendor contracts

I would like to know if any bankers out there have drafted a standard notice to send to third party vendors stating words to the effect "we agree not to share bank information with third parties", etc.??? We are a community bank and do not anticipate mailing the opt out notices. thanks...

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General Discussion
#540 - 01/23/01 07:59 PM Re: privacy and vendor contracts
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
My bank does use such a notice to vendors of all types. They must agree not to disclose customer information and in some cases must agree to return or destroy the information after doing what they were hired to do and agree to be audited by the bank.
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy

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#541 - 01/26/01 05:11 AM Re: privacy and vendor contracts
Cheryl S Offline
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Joined: Jan 2001
Posts: 12
Dearborn MI USA
We received a package of model/example forms to use for our Privacy Compliance project from the trade organization in our state - Michigan League of Community Banks. If you are not in Michigan you may want to check with your state organization, they may be able to help you. One of the forms in the package was an "Agreement Regarding Confidentiality of Bank Customer Information". After reviewing our existing contracts, all vendors who did not already have a privacy provision included are being asked to execute such an agreement.

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#542 - 01/26/01 07:54 PM Re: privacy and vendor contracts
Deena Offline
Power Poster
Joined: Nov 2000
Posts: 2,701
ABA's Financial Privacy Toolbox has Sample Privacy Language for Third-Party Contractors. If your bank is a member of ABA, you can access the Toolbox on their website.

Opinions expressed are my own and are not necessarily those of my employer.

Opinions expressed are mine and not necessarily those of my employer.

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