Our affiliated banks want a list of our deposit customers with assets over $250,000 and their associated credit report information. We pull credit reports on all new accounts at opening and existing customers every 2 years. I thought we would have to give the consumer a notice of their opportunity to opt out. But the marketing people tell me FCRA does not apply because they are not going to use it to determine eligibility for loans or insurance products. Is that correct?

They would need an opt-out since this would most likely fall under section 624 - Special Rule for Solicitation for Purposes of Marketing.

Also, check your credit reporting contract also - most would prohibit you from sharing the credit report information in that manner. Additionally, you pull credit reports on all customers every two years? Depending on the account relationship - you may not have a permissible purpose to do that.