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Compliance Question of the Week

Question: If the bank has hired a company to perform fraud protection and the company also markets to customers about the fraud protection services available, does the bank need to provide an opt out to customers?

ANSWER: 

Regulation P provides an exception under section 13 for providing disclosure. The opt out notice requirements of 1016.6 and 1016.10 do not apply when nonpublic personal information is provided to a nonaffiliated third party to perform services on the bank’s behalf, if the bank:

  • Provides the initial notice
  • Enter into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which you disclosed the information, including use under an exception in 1016.14 or 1016.15 in the ordinary course of business to carry out those purposes.
When determining whether the notice requirements apply, be sure to review the examples included in these sections.

Reference: Regulation P: 12 CFR 1016.13(a) and (b) See also: 1016.14 and 1016.15

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