GLBA and Customer Information

Question:

Banks are consistently asked for loan account numbers and pay-off amounts by automobile dealers, insurance companies and other banks that wish to pay off trade-ins, submit insurance payments or to get accurate pay-offs when consumers are refinancing debt. How does the GLBA come into play when a bank receives these requests?

Answer:

The Interagency Privacy FAQ's issued in 12/01 address this in several Q&A's. Here is the FDIC's version (FIL 106-2001).

First published on BankersOnline.com 11/24/08