Answer:
I recommend that you do. While the regulations have not been written the intent of the statute is clear. You will not be cited by an examiner for not complying, but the Fair Credit Reporting Act provides remedies to your customer if it is violated which could come into play if you get an irate customer. More importantly, no one knows when the regulations will be published and become effective. If that date is before the next time that you publish your privacy notice then you would either have to cease the sharing practice or republish the privacy notice which is expensive. This is a situation where I would bite the bullet, get it behind me and know that I don't have to deal with it in the future.
Mr. Rugh has been the Executive Director of the Kirchman Regulatory Service since its inception in 1990. He is recognized as one of the nation's premier experts on banking law and regulation. He is a frequent speaker at compliance seminars conducted by state bankers associations and other banker organizations. He is the primary author of the Kirchman Regulatory Service Compliance Manual, the most widely used compliance resource in the banking industry. Mr. Rugh has more than 20 years of experience in commercial and investment banking prior to joining Kirchman Corporation. He has a Bachelor of Science from Kansas University and a Juris Doctor from Southern Methodist University.
print
share