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Send Wrong Statement to Customer-Reg P Violation?

Answered by: 
Ken Golliher

Question: 
A bank sends out a customer statement to another person by mistake. Has the bank violated Reg P? If not, can you cite any exemption?
Answer: 

Regulation P (and its parallel regulations) do not prohibit any disclosure except for account numbers. Even then, the regulations provide no penalty for their violation nor do they give the consumer a right to sue.

No matter what other information you publish, no matter to whom you publish it, any violation of Regulation P relates to the written or electronic disclosure you were supposed to give to the consumer. Regulation P violations are limited to a bank's failure to:

  • hand out a disclosure with the correct content,
  • distribute a correct dislcosure in a timely fashion, or
  • give the customer a chance to opt-out of a planned, intentional disclosure.

    A mis delivered statement does not violate this regulation. Any cause for financial damages would be under state law or contract.

    First published on BankersOnline.com 4/8/13

    • First published on 04/08/2013

    Filed under: 
    Compliance
    Filed under compliance as: 
    Account Numbers
    IT

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