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Reg P & Commercial Borrowers

Question: 
Does Reg. P (Privacy Notice) apply to Commercial Borrowers?
Answer: 

The GLBA notice required under Reg P applies only to individuals or an individual's legal representative who have obtained a financial product or service used primarily for personal, family or household purposes. Refer to the definitions in Reg P.

(e) (1) Consumer means an individual who obtains or has obtained a financial product or service from you that is to be used primarily for personal, family, or household purposes, or that individual’s legal representative.

(h) Customer means a consumer who has a customer relationship with you.

First published on BankersOnline.com 2/15/10

First published on 02/15/2010

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Filed under compliance as: 

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