Question of the Week

  • QUESTION: Is a new opt out notice required when a revised privacy disclosure/notice is sent?

    ANSWER:

    The bank must send a revised privacy notice before the bank shares nonpublic personal information in a manner not described in its most recent notice delivered to the customer or consumer. The regulation requires the revised notice to be delivered according to 1016.9.

    Note: a revised notice is not required if the institution adequately described the nonaffiliated third party or information to be disclosed in the prior privacy notice. 

    Reference: Regulation P: 12 CFR 1016.9; 12 CFR 1016.8(b)(2) See also FDIC Privacy Rule Handbook: https://www.fdic.gov/regulations/examinations/financialprivacy/handbook/index.html

     




Question of the Week Archive

  • QUESTION: Does the bank need a specific policy for indirect lending, and if so, what should be included?

  • QUESTION: What types of loans are excluded from payday lending rule?

  • QUESTION: When is a Homeowner Protection Act Disclosure required to be provided when there is a lender paid mortgage insurance (LPMI)?

  • QUESTION: Does error resolution apply to a prepaid account for which the consumer identification and verification process is not completed?

  • QUESTION: Should the bank aggregated multiple currency transactions for separate business entities?

  • QUESTION: Are risk-based pricing and risk based pricing products applicable to fair lending?

  • QUESTION: If the geocoding system does not provide proper census data, could this be a bona fide error?

  • QUESTION: For the Regulation CC availability threshold adjustments, effective July 1, 2020, does the bank need to send a change in terms?

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