I'm trying to understand for credit unions, how they need to deliver the initial privacy notice to joint members. Under 1016.9(i)(1), it says that except for a loan, they can give one notice to the consumers jointly. Under the i(2)(i), it talks about loans- am I reading this correctly to say that for loans, I don't have to provide a notice unless I share their information outside of the permissible exceptions? But under i(2)(ii), I do have to provide a notice annually but can provide one notice jointly? I'm really struggling with the initial notice requirement because it just doesn't make sense to me under the spirit of the regulation.


i) Joint relationships in the case of credit unions. (1) If two or more consumers jointly obtain a financial product or service, other than a loan, from a credit union, the credit union may satisfy the requirements of §1016.4(a) by providing one initial notice to those consumers jointly.

(2) Special rule for loans in the case of credit unions. (i) A credit union is required to provide an initial notice to a borrower or guarantor on a loan if the credit union shares his or her nonpublic personal information with nonaffiliated third parties other than for purposes under §§1016.13, 1016.14, and 1016.15.

(ii) A credit union may satisfy the annual notice requirements of §1016.5 by providing one notice to those borrowers and guarantors jointly.

I looked at the NCUA's Privacy guides, and it specifies that i(2)(i) only pertains to a situation when the co-borrower or guarantor have no other member relationships with the credit union. So, I'm back to how do I deliver the privacy notice to loan borrowers- one notice jointly, or one notice to each borrower?

Special Rule for Loans. A credit union must provide an initial notice to a coborrower or guarantor on a loan, who has no other member relationship with the credit union, if it shares his or her nonpublic personal information with nonaffiliated third parties other than as allowed under the exceptions. Annual notices may be provided to the co-borrowers and guarantors jointly.

Thanks for your assistance!