Can You Bank on IE Security?
A BOL Team Special Report
What law or regulation addresses a bank employee giving out information on banking information to an outside party that has no tie to the account?
Recently, I called another bank to see if a check that my customer had would clear on the account drawn at their bank. They told me that due to privacy laws they could not give me that information. All I needed was to give them the amount of the check and for them to say yes or no on whether or not it would clear. Does the new privacy law really prevent from a bank from being able to call to see if a check will clear?
Our bank shares nonpublic personal information with an unaffiliated third party with whom we have a joint marketing arrangement for marketing credit card accounts. Under the agreement we are required to provide them in an electronic format the names, addresses, telephone numbers and social security numbers of our existing customers for the purpose of allowing them to solicit our customer for credit card accounts. Are we allowed to disclose telephone numbers and particularly social security numbers without providing our customers the opportunity to opt out? Our initial and annual disclosures do contain the required verbiage that we may disclose all of the information we collect to companies that perform marketing services on our behalf or with whom we have joint marketing agreements?
What recourse does a customer have when a bank employee gives out a SS# and loan information without the customer's permission?
If an individual gets a construction loan in their personal name, are RESPA disclosures required? There is a commitment letter from the permanent lender.
In the past, we sent mortgage loan closing documents to the title company via the internet. We stopped this practice because we feel that without having a secured e-mail line, and without encrypting the data, we would be in violation of GLB. Same with sending our Good Faith Estimates, or other disclosures. We stopped sending via e-mail to customers because of GLB issues. Are we correct in that it would be a violation of GLB to send non-public financial information electronically over a non-secure line?
I have a lender making a $1MM loan to a consumer to construct a personal residence. The loan is NOT real estate secured. I am finding myself unwilling to accept that there are no disclosure requirements for this transaction, however, I believe it to be exempt from Reg Z,RESPA, HMDA and Flood. Is there something I am overlooking?
I think training officers and instructors will look back upon 2003 as the year from hell.
The Federal Reserve Board has issued a final amendment effective July 22 to Regulation CC that updates routing numbers for Federal Reserve and Federal Home Loan Banks.