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GLBA and Customer Information

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Question: 
Banks are consistently asked for loan account numbers and pay-off amounts by automobile dealers, insurance companies and other banks that wish to pay off trade-ins, submit insurance payments or to get accurate pay-offs when consumers are refinancing debt. How does the GLBA come into play when a bank receives these requests?
Answer: 

The Interagency Privacy FAQ's issued in 12/01 address this in several Q&A's. Here is the FDIC's version (FIL 106-2001).

First published on BankersOnline.com 11/24/08

First published on 11/24/2008

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