Privacy and using non-customer info

Does anyone see an issue with financial institution A creating a marketing list that is made by extracting names and addresses of customers of financial institution B (who are not customers of A)whose checks happen to have been deposited into various customers accounts at financial institution A? Financial institution A would solicit the institution B customers by mail to consider opening an account at financial institution A. Thanks for any input.

Any takers who could weigh in on this question?

I know some of our more industrious marketing folks have done this very thing, mining the checks processed through our accounts. I told the marketing folks not to let on where they got the info from, thought it could cause some image or reputation problems.

I know of some examiners who really frown on this process and view it as an "end-run" around the privacy laws. I also know that some non-bank companies such as retail stores and telecommunication services do this very thing and also sell the resulting mailing lists to marketing companies.

Thank you all for your input.