12 C.F.R. PART 716—PRIVACY OF CONSUMER FINANCIAL INFORMATION
Title 12 - Banks and Banking
Authority: 15 U.S.C. 6801 et seq., 12 U.S.C. 1751 et seq.
Source: 65 FR 31740, May 18, 2000, unless otherwise noted.
(a) Purpose. This part governs the treatment of nonpublic personal information about consumers by the credit unions listed in paragraph (b) of this section. This part: (1) Requires a credit union to provide notice to members about its privacy policies and practices; (2) Describes the conditions under which a credit union may disclose nonpublic personal information about consumers to nonaffiliated third parties; and (3) Provides a method for consumers to prevent a credit union from disclosing that information to most nonaffiliated third parties by “opting out” of that disclosure, subject to the exceptions in §§716.13, 716.14, and 716.15. (b) Scope. (1) This part applies only to nonpublic personal information about individuals who obtain financial products or services for personal, family or household purposes. This part does not apply to information about companies or about individuals who obtain financial products or services for business, commercial or agricultural purposes. This part applies to federally-insured credit unions. This part refers to a federally-insured credit union as “you” or “the credit union.” (2) Nothing in this part modifies, limits, or supersedes the standards governing individually identifiable financial information promulgated by the Secretary of Health and Human Services under the authority of §§262 and 264 of the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. 1320d–1320d–8). The examples in this part and the sample clauses in appendix A of this part are not exclusive. Compliance with an example or use of a sample clause, to the extent applicable, constitutes compliance with this part. As used in this part, unless the context requires otherwise: (a)(1) Affiliate means any company that controls, is controlled by, or is under common control with another company. (2) Examples. (i) An affiliate of a federal credit union is a credit union service organization (CUSO), as provided in 12 CFR part 712, that is controlled by the federal credit union. (ii) An affiliate of a federally-insured, state-chartered credit union is a company that is controlled by the credit union. (b)(1) Clear and conspicuous means that a notice is reasonably understandable and designed to call attention to the nature and significance of the information in the notice. (2) Examples. (i) Reasonably understandable. You make your notice reasonably understandable if you: (A) Present the information contained in the notice in clear, concise sentences, paragraphs and sections; (B) Use short, explanatory sentences or bullet lists whenever possible; (C) Use definite, concrete, everyday words and active voice whenever possible; (D) Avoid multiple negatives; (E) Avoid legal and highly technical business terminology wherever possible; and (F) Avoid explanations that are imprecise and readily subject to different interpretations. (ii) Designed to call attention. You design your notice to call attention to the nature and significance of the information in it if you: (A) Use a plain-language heading to call attention to the notice; (B) Use a typeface and type size that are easy to read; (C) Provide wide margins and ample line spacing; (D) Use boldface or italics for key words; and (E) In a form that combines your notice with other information, use distinctive type size, style, and graphic devices, such as shading or sidebars. (iii) Notices on web sites. If you provide notices on a web page, you design your notice to call attention to the nature and significance of the information in it if you use text or visual cues to encourage scrolling down the page if necessary to view the entire notice and ensure that other elements on the web site (such as text graphics, hyperlinks or sound) do not distract attention form the notice, and you either: (A) Place the notice on a screen frequently accessed by consumers, such as a home page or a page on which transactions are conducted; or (B) Place a link on a screen frequently accessed by consumers, such as a home page or a page on which transactions are conducted, that connects directly to the notice and is labeled appropriately to convey the importance, nature and relevance of the notice. (c) Collect means to obtain information that you organize or can retrieve by the name of an individual or by identifying number, symbol, or other identifying particular assigned to the individual, irrespective of the source of the underlying information. (d) Company means any corporation, limited liability company, business trust, general or limited partnership, association or similar organization. (e)(1) Consumer means an individual who obtains or has obtained a financial product or service from you, that is to be used primarily for personal, family or household purposes, or that individual's legal representative. (2) Examples. (i) An individual who provides nonpublic personal information to you in connection with obtaining or seeking to obtain credit union membership is your consumer regardless of whether you establish a member relationship. (ii) An individual who provides nonpublic personal information to you in connection with using your ATM is your consumer. (iii) If you hold ownership or servicing rights to an individual's loan, the individual is your consumer, even if you hold those rights in conjunction with one or more financial institutions. (The individual is also a consumer with respect to the other financial institutions involved). This applies, even if you, or another financial institution with those rights, hire an agent to collect on the loan or to provide processing or other services. (iv) An individual who is a consumer of another financial institution is not your consumer solely because you act as agent for, or provide processing or other services to, that financial institution. (v) An individual is not your consumer solely because he or she is a participant or a beneficiary of an employee benefit plan that you sponsor or for which you act as a trustee or fiduciary. (f) Consumer reporting agency has the same meaning as in section 603(f) of the Fair Credit Reporting Act (15 U.S.C. 1681a(f)). (g) Control of a company means: (1) Ownership, control, or power to vote 25 percent or more of the outstanding shares of any class of voting security of the company, directly or indirectly, or acting through one or more other persons; (2) Control in any manner over the election of a majority of the directors, trustees or general partners (or individuals exercising similar functions) of the company; or (3) The power to exercise, directly or indirectly, a controlling influence over the management or policies of the company, as the NCUA determines. With respect to state-chartered credit unions, NCUA will consult with the appropriate state regulator prior to making its determination. (4) Example. NCUA will presume a credit union has a controlling influence over the management or policies of a CUSO, if the CUSO is 67% owned by credit unions. (h) Credit union means a federal or state-chartered credit union that the National Credit Union Share Insurance Fund insures. (i) Customer means a consumer who has a customer relationship with a financial institution other than a credit union. (j) Customer relationship means a continuing relationship between a consumer and a financial institution other than a credit union. (k) Federal functional regulator means— (1) The National Credit Union Administration Board; (2) The Board of Governors of the Federal Reserve System; (3) The Office of the Comptroller of the Currency; (4) The Board of Directors of the Federal Deposit Insurance Corporation; (5) The Director of the Office of Thrift Supervision; and (6) The Securities and Exchange Commission. (l)(1)Financial institution means any institution the business of which is engaging in activities that are financial in nature or incidental to such financial activity as described in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)). (2) Examples of financial institutions may include, but are not limited to: credit unions; banks; insurance companies; securities brokers, dealers, and underwriters; loan brokers and servicers; tax planners and preparation services; personal property appraisers; real estate appraisers; career counselors for employees in financial occupations; digital signature services; courier services; real estate settlement services; manufacturers of computer software and hardware; and travel agencies operated in connection with financial services. (3) Financial institution does not include: (i) Any person or entity with respect to any financial activity that is subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.); (ii) The Federal Agricultural Mortgage Corporation or any entity chartered and operating under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.); or (iii) Institutions chartered by Congress specifically to engage in securitizations, secondary market sales (including sales of servicing rights) or similar transactions related to a transaction of a consumer, as long as such institutions do not sell or transfer nonpublic personal information to a nonaffiliated third party. (m) (1) Financial product or service means any product or service that a financial holding company could offer by engaging in an activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)). (2) Financial service includes your evaluation or brokerage of information that you collect in connection with a request or an application from a consumer for a financial product or service. (n) Member means a consumer who has a member relationship with you. For purposes of this part only, it will include certain nonmembers. (o)(1) Member relationship means a continuing relationship between a consumer and you under which you provide one or more financial products or services to the consumer that are to be used primarily for personal, family or household purposes. As noted in the examples, this will include certain consumers that are not your members. (2) Examples. (i) A consumer has a continuing relationship with you if the consumer: (A) Is your member as defined in your bylaws; (B) Is a nonmember who has a share, share draft, or credit card account with you jointly with a member; (C) Is a nonmember who has a loan that you service; (D) Is a nonmember who has an account with you and you are a credit union that has been designated as a low-income credit union; or (E) Is a nonmember who has an account in a federally-insured, state-chartered credit union pursuant to state law. (ii) A consumer does not, however, have a member relationship with you if the consumer is a nonmember and: (A) The consumer only obtains a financial product or service in isolated transactions, such as using your ATM to withdraw cash from an account maintained at another financial institution or purchasing travelers checks; or (B) You sell the consumer's loan and do not retain the rights to service that loan. (p)(1) Nonaffiliated third party means any person except: (i) Your affiliate; or (ii) A person employed jointly by you and any company that is not your affiliate (but nonaffiliated third party includes the other company that jointly employs the person). (q)(1) Nonpublic personal information means: (i) Personally identifiable financial information; and (ii) Any list, description or other grouping of consumers (and publicly available information pertaining to them) that is derived using any personally identifiable financial information. (2) Nonpublic personal information does not include: (i) Publicly available information, except as included on a list described in paragraph (q)(1)(ii) of this section; or (ii) Any list, description, or other grouping of consumers (and publicly available information pertaining to them) that is derived without using any personally identifiable financial information, other than publicly available information. (3) Examples of lists. (i) Nonpublic personal information includes any list of individuals' names and street addresses that is derived in whole or in part using personally identifiable financial information, other than publicly available information, such as account numbers. (ii) Nonpublic personal information does not include any list of individuals' names and addresses that contains only publicly available information, is not derived using personally identifiable financial information, other than publicly available information, either in whole or in part, and is not disclosed in a manner that indicates that any of the individuals on the list is a consumer of a credit union, other than publicly available information. (r)(1) Personally identifiable financial information means any information: (i) A consumer provides to you to obtain a financial product or service from you; (ii) About a consumer resulting from any transaction involving a financial product or service between you and a consumer; or (iii) You otherwise obtain about a consumer in connection with providing a financial product or service to that consumer. (2) Personally identifiable financial information does not include publicly available information. (3) Examples. (i) Information included. Personally identifiable financial information includes: (A) Information a consumer provides to you on an application to obtain membership, a loan, credit card or other financial product or service; (B) Account balance information, payment history, overdraft history, and credit or debit card purchase information; (C) The fact that an individual is or has been one of your members or has obtained a financial product or service from you; (D) Any information about your consumer if it is disclosed in a manner that indicates that the individual is or has been your consumer; (E) Any information that a consumer provides to you or that you or your agent otherwise obtain in connection with collecting on a loan or servicing a loan; (F) Any information you collect through an Internet “cookie” (an information collecting device from a web server); and (G) Information from a consumer report. (ii) Information not included. Personally identifiable financial information does not include: (A) A list of names and addresses of customers of an entity that is not a financial institution; and (B) Information that does not identify a consumer, such as aggregate information or blind data that does not contain personal identifiers such as account numbers, names, or addresses. (s)(1) Publicly available information means any information that you have a reasonable basis to believe is lawfully made available to the general public from: (i) Federal, state or local government records; (ii) Widely distributed media; or (iii) Disclosures to the general public that are required to be made by federal, state or local law. (2) Reasonable basis. You have a reasonable basis to believe that information is lawfully made available to the general public if you have taken steps to determine: (i) That the information is of the type that is available to the general public; and (ii) Whether an individual can direct that the information not be made available to the general public and, if so, that your member or consumer has not done so. (3) Examples. (i) Government records. Publicly available information in government records includes information in government real estate records and security interest filings. (ii) Widely distributed media. Publicly available information from widely distributed media includes information from a telephone book, a television or radio program, a newspaper or a web site that is available to the general public on an unrestricted basis. A web site is not restricted merely because an Internet service provider or site operator requires a fee or a password, so long as access is available to the general public. (iii) Reasonable basis. (1) You have a reasonable basis to believe that mortgage information is lawfully made available to the general public if you have determined that the information is of the type included on the public record in the jurisdiction where the mortgage would be recorded. (2) You have a reasonable basis to believe that an individual's telephone number is lawfully made available to the general public if you have located the telephone number in the telephone book or have been informed by the consumer that the telephone number is not unlisted. (t) You means a federally-insured credit union. (a) Initial notice requirement. You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to a: (1) Member, not later than when you establish a member relationship, except as provided in paragraph (e) of this section; and (2) Consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by §§716.14 and 716.15. (b) When initial notice to a consumer is not required. You are not required to provide an initial notice to a consumer under paragraph (a) of this section if: (1) You do not disclose any nonpublic personal information about the consumer to any nonaffiliated third party, other than as authorized by §§716.14 and 716.15; and (2) You do not have a member relationship with the consumer. (c) When you establish a member relationship—(1) General rule. You establish a member relationship when you and the consumer enter into a continuing relationship. (2) Special rule for loans. You establish a member relationship with a consumer when you originate, or acquire the servicing rights to a loan to the consumer for personal, household or family purposes and that is the only basis for the member relationship. If you subsequently transfer the servicing rights to that loan to another financial institution, the member relationship transfers with the servicing rights. (3)(i) Examples of establishing member relationship. You establish a member relationship when the consumer: (A) Becomes your member under your bylaws; (B) Is a nonmember and opens a credit card account with you jointly with a member under your procedures; (C) Is a nonmember and executes the contract to open a share or share draft account with you or obtains credit from you jointly with a member, including an individual acting as a guarantor; (D) Is a nonmember and opens an account with you and you are a credit union designated as a low-income credit union; (E) Is a nonmember and opens an account with you pursuant to state law and you are a state-chartered credit union. (ii) Examples of loan rule. You establish a member relationship with a consumer who obtains a loan for personal, family, or household purposes when you: (A) Originate the loan to the consumer and retain the servicing rights; or (B) Purchase the servicing rights to the consumer's loan. (d) Existing members. When an existing member obtains a new financial product or service that is to be used primarily for personal, family, or household purposes, you satisfy the initial notice requirements of paragraph (a) of this section as follows: (1) You may provide a revised policy notice, under §716.8, that covers the member's new financial product or service; or (2) If the initial, revised, or annual notice that you most recently provided to that member was accurate with respect to the new financial product or service, you do not need to provide a new privacy notice under paragraph (a) of this section. (e) Exceptions to allow subsequent delivery of notice. (1) You may provide the initial notice required by paragraph (a)(1) of this section within a reasonable time after you establish a member relationship if: (i) Establishing the member relationship is not at the member's election; (ii) Providing notice not later than when you establish a member relationship would substantially delay the member's transaction and the member agrees to receive the notice at a later time. (2) Examples of exceptions. (i) Not at member's election. Establishing a member relationship is not at the member's election if you acquire a member's deposit liability from another financial institution and the member does not have a choice about your acquisition. (ii) Substantial delay of member's transaction. Providing notice not later than when you establish a member relationship would substantially delay the member's transaction when: (A) You and the individual agree over the telephone to enter into a member relationship involving prompt delivery of the financial product or service; or (B) You establish a member relationship with an individual under a program authorized by Title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.) or similar student loan programs where loan proceeds are disbursed promptly without prior communication between you and the member. (iii) No substantial delay of member's transaction. Providing notice not later than when you establish a member relationship would not substantially delay the member's transaction when the relationship is initiated in person at your office or through other means by which the member may view the notice, such as on a web site. (f)(1) Joint relationships. If two or more consumers jointly obtain a financial product or service, other than a loan, from you, you may satisfy the requirements of paragraph of this section by providing one initial notice to those consumers jointly. (2) Special rule for loans. (i) You are required to provide an initial notice to a borrower or guarantor on a loan if you share his or her nonpublic personal information with nonaffiliated third parties other than for purposes under §§716.13, 716.14 and 716.15. (ii) You may satisfy the annual notice requirements of §716.5 by providing one notice to those borrowers and guarantors jointly. (g) Delivery. When you are required to deliver an initial privacy notice by this section, you must deliver it according to the methods in §716.9. If you use a short-form initial notice for nonmember consumers according to §716.6(c), you may deliver your privacy notice according to §716.6(c)(3). [65 FR 31740, May 18, 2000, as amended at 65 FR 36783, June 12, 2000] (a)(1) General rule. You must provide a clear and conspicuous notice to members that accurately reflects your privacy policies and practices not less than annually during the continuation of the member relationship. Annually means at least once in any period of 12 consecutive months during which that relationship exists. You may define the 12-consecutive-month period, but you must apply it to the member on a consistent basis. (2) Example. You provide a notice annually if you define the 12-consecutive-month period as a calendar year and provide the annual notice to the member once in each calendar year following the calendar year in which you provide the initial notice. For example, if a member opens an account on any day of year one, you must provide an annual notice to that member by December 31 of year two. (b) (1) Termination of member relationship. You are not required to provide an annual notice to a former member. (2) Examples. Your member becomes your former member when: (i) An individual is no longer your member as defined in your bylaws; (ii) In the case of a nonmember's share or share draft account, the account is inactive under the credit union's policies; (iii) In the case of a nonmember's closed-end loan, the loan is paid in full, you charge off the loan, or you sell the loan without retaining servicing rights; (iv) In the case of a credit card relationship or other open-end credit relationship with a nonmember, you no longer provide any statements or notices to the nonmember concerning that relationship or you sell the credit card receivables without retaining servicing rights; or (v) You have not communicated with the nonmember about the relationship for a period of twelve consecutive months, other than to provide annual privacy notices or promotional material. (c) Delivery. When you are required to deliver an annual privacy notice by this section, you must deliver it according to the methods in §716.9. (a) General rule. The initial and annual privacy notices under §§716.4 and 716.5 must include each of the following items of information that applies to you or to the consumers to whom you send your privacy notice, in addition to any other information you wish to provide: (1) The categories of nonpublic personal information that you collect; (2) The categories of nonpublic personal information that you disclose; (3) The categories of affiliates and nonaffiliated third parties to whom you disclose nonpublic personal information, other than those parties to whom you disclose information under §§716.14 and 716.15; (4) The categories of nonpublic personal information about your former members that you disclose and the categories of affiliates and nonaffiliated third parties to whom you disclose it, other than those parties to whom you disclose information under §§716.14 and 716.15; (5) If you disclose nonpublic personal information to a nonaffiliated third party under §716.13 (and no other exception applies to that disclosure), a separate statement of the categories of information you disclose and the categories of third parties with whom you have contracted; (6) An explanation of the consumer's right under §716.10(a) to opt out of the disclosure of nonpublic personal information to nonaffiliated third parties, including the methods by which the consumer may exercise that right at that time; (7) Any disclosures that you make under section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d)(2)(A)(iii)) (that is, notices regarding the ability to opt out of disclosure of information among affiliates); (8) Your policies and practices with respect to protecting the confidentiality and security of nonpublic personal information; and (9) Any disclosures you make under paragraph (b) of this section. (b) Description of nonaffiliated third parties subject to exceptions. If you disclose nonpublic personal information to third parties as authorized under §§716.14 and 716.15, you are not required to list those exceptions in the initial or annual privacy notices required by §§716.4 and 716.5. When describing the categories with respect to those parties, you are required to state only that you make disclosures to other nonaffiliated third parties as permitted by law. (c) Short-form initial notice with opt out notice for nonmember consumers. (1) You may satisfy the initial notice requirements in §§716.4(a)(2), 716.7(b), and 716.7(c) for a consumer who is not a member by providing a short-form initial notice at the same time as you deliver an opt out notice as required in §716.7. (2) A short-form initial notice must: (i) Be clear and conspicuous; (ii) State that your privacy notice is available upon request; and (iii) Explain a reasonable means by which the consumer may obtain that notice. (3) You must deliver your short-form initial notice according to §716.9. You are not required to deliver your privacy notice with your short form initial notice. You instead may simply provide the consumer a reasonable means to obtain your privacy notice. If a consumer who receives your short-form notice requests your privacy notice, you must deliver your privacy notice according to §716.9. (4) Examples of obtaining privacy notice. You provide a reasonable means by which a consumer may obtain a copy of your privacy notice if you: (i) Provide a toll-free telephone number that the consumer may call to request the notice; or (ii) For a consumer who conducts business in person at your office, maintain copies of the notice on hand that you provide to a consumer immediately upon request. (d) Future disclosures. Your notice may include: (1) Categories of nonpublic personal information that you reserve the right to disclose in the future, but do not currently disclose; and (2) Categories of affiliates or nonaffiliated third parties to whom you reserve the right in the future to disclose, but to whom you do not currently disclose, nonpublic personal information. (e) Examples—(1) Categories of nonpublic personal information that you collect. You satisfy the requirement to categorize the nonpublic personal information that you collect if you list the following categories, as applicable: (i) Information from the consumer; (ii) Information about the consumer's transactions with you or your affiliates; (iii) Information about the consumer's transactions with nonaffiliated third parties; and (iv) Information from a consumer reporting agency. (2) Categories of nonpublic personal information you disclose. (i) You satisfy the requirement to categorize the nonpublic personal information that you disclose if you list the categories described in paragraph (e)(1) of this section, as applicable, and a few examples to illustrate the types of information in each category. (ii) If you reserve the right to disclose all of the nonpublic personal information about consumers that you collect, you may simply state that fact without describing the categories or examples of the nonpublic personal information you disclose. (3) Categories of affiliates and nonaffiliated third parties to whom you disclose. You satisfy the requirement to categorize the affiliates and nonaffiliated third parties to whom you disclose nonpublic personal information if you list the following categories, as applicable, and a few examples to illustrate the types of third parties in each category. (i) Financial service providers; (ii) Non-financial companies; and (iii) Others. (4) Disclosures under exception for service providers and joint marketers. If you disclose nonpublic personal information under the exception in §716.13 to a nonaffiliated third party to market products or services that you offer alone or jointly with another financial institution, you satisfy the disclosure requirement of paragraph (a)(5) of this section if you: (i) List the categories of nonpublic personal information you disclose, using the same categories and examples you used to meet the requirements of paragraphs (a)(2) of this section, as applicable; and (ii) State whether the third party is: (A) A service provider that performs marketing services on your behalf or on behalf of you and another financial institution; or (B) A financial institution with whom you have a joint marketing agreement. (5) Simplified notices. If you do not disclose, and do not intend to disclose, nonpublic personal information about members or former members to affiliates or nonaffiliated third parties except as authorized under §§716.14 and 716.15, you may simply state that fact, in addition to the information you must provide under paragraphs (a)(1), (a)(8), (a)(9) and (c) of this section. (6) Confidentiality and security. You describe your policies and practices with respect to protecting the confidentiality and security of nonpublic personal information if you do both of the following: (i) Describe in general terms who is authorized to have access to the information. (ii) State whether you have security practices and procedures in place to ensure the confidentiality of the information in accordance with your policy. You are not required to describe technical information about the safeguards you use. (7) Joint notice with affiliates. You may provide a joint notice from you and one or more of your affiliates or other financial institutions, as specified in the notice, as long as the notice is accurate with respect to you and the other institution. (a)(1) Form of opt out notice. If you are required to provide an opt out notice under §716.10(a)(1), you must provide a clear and conspicuous notice to each of your consumers that accurately explains the right to opt out under that section. The notice must state: (i) That you disclose or reserve the right to disclose nonpublic personal information about your consumer to a nonaffiliated third party; (ii) That the consumer has the right to opt out of that disclosure; and (iii) A reasonable means by which the consumer may exercise the opt out right. (2) Examples. (i) Adequate opt out notice. You provide adequate notice that the consumer can opt out of the disclosure of nonpublic personal information to a nonaffiliated third party if you: (A) Identify all of the categories of nonpublic personal information that you disclose or reserve the right to disclose and all of the categories of nonaffiliated third parties to whom you disclose the information, as described in §716.6(a)(2) and (3) and state that the consumer can opt out of the disclosure of that information; and (B) Identify the financial products or services that the consumer obtains from you, either singly or jointly, to which the opt out direction would apply. (ii) Reasonable opt out means. You provide a reasonable means to exercise an opt out right if you: (A) Designate check-off boxes in a prominent position on the relevant forms with the opt out notice; (B) Include a reply form together with the opt out notice; (C) Provide an electronic means to opt out, such as a form that can be sent via electronic mail or a process at your web site, if the consumer agrees to the electronic delivery of information; or (D) Provide a toll-free telephone number that consumers may call to opt out. (iii) Unreasonable opt out means. You do not provide a reasonable means of opting out if: (A) The only means of opting out is for the consumer to write his or her own letter to exercise that opt out right; or (B) The only means of opting out as described in any notice subsequent to the initial notice is to use a check-off box that was provided with the initial notice but not included with the subsequent notice. (iv) Specific opt out means. You may require each consumer to opt out through a specific means, as long as that means is reasonable for that consumer. (b) Same form as initial notice permitted. You may provide the opt out notice together with or on the same written or electronic form as the initial notice you provide in accordance with §716.4. (c) Initial notice required when opt out notice delivered subsequent to initial notice. If you provide the opt out notice later than required for the initial notice in accordance with §716.4, you must also include a copy of the initial notice in writing or, if the consumer agrees, electronically. (d) Joint relationships. (1) If two or more consumers jointly obtain a financial product or service, other than a loan, from you, you may provide only a single opt out notice. Your opt out notice must explain how you will treat an opt out direction by a joint consumer as explained in the examples in paragraph (d)(5) of this section. (2) Any of the joint consumers may exercise the right to opt out. You may either: (i) Treat an opt out direction by a joint consumer to apply to all of the associated joint consumers; or (ii) Permit each joint consumer to opt out separately. (3) If you permit each joint consumer to opt out separately, you must permit one of the joint consumers to opt out on behalf of all of the joint consumers. (4) You may not require all joint consumers to opt out before you implement any opt out direction. (5) Example. If John and Mary have a joint share account with you and arrange for you to send statements to John's address, you may do any of the following, but you must explain in your opt out notice which opt out policy you will follow: (i) Send a single opt out notice to John's address, but you must accept an opt out direction from either John or Mary. (ii) Treat an opt out direction by either John or Mary as applying to the entire account. If you do so, and John opts out, you may not require Mary to opt out as well before implementing John's opt out direction. (iii) Permit John and Mary to make different opt out directions. If you do so, and if John and Mary both opt out, you must permit one or both of them to notify you in a single response (such as on a form or through a telephone call). (6) Special rule for loans. (i) You are required to provide an initial opt out notice to a borrower or guarantor on a loan if you share his or her nonpublic personal information with nonaffiliated third parties other than for purposes under §§716.13, 716.14 and 716.15. (ii) You may satisfy your annual opt out notice requirement by providing one notice to those borrowers and guarantors jointly. (e) Time to comply with opt out. You must comply with the consumer's opt out direction as soon as reasonably practicable after you receive it. (f) Continuing right to opt out. A consumer may exercise the right to opt out at any time. (g) Duration of consumer's opt out direction. (1) A consumer's direction to opt out under this section is effective until the consumer revokes it in writing or, if the consumer agrees, electronically. (2) When a member relationship terminates, the member's opt out direction continues to apply to the nonpublic personal information that you collected during or related to the relationship. If the individual subsequently establishes a new member relationship with you, the opt out direction that applied to the former relationship does not apply to the new relationship. (h) Delivery. When you are required to deliver an opt out notice by this section, you must deliver it according to the methods in §716.9. [65 FR 31740, May 18, 2000, as amended at 65 FR 36783, June 12, 2000] (a) General rule. Except as otherwise authorized in this part, you must not, directly or through any affiliate, disclose any nonpublic personal information about a consumer to a nonaffiliated third party other than as described in the initial notice that you provided to that consumer under §716.4, unless: (1) You have provided to the consumer a revised notice that accurately describes your policies and practices; (2) You have provided to the consumer a new opt out notice; (3) You have given the consumer a reasonable opportunity, before you disclose the information to the nonaffiliated third party, to opt out of the disclosure; and (4) The consumer does not opt out. (b) Examples. (1) Except as otherwise permitted by §§716.13, 716.14 and 716.15, you must provide a revised notice if you— (i) Disclose a new category of nonpublic personal information to any nonaffiliated third party; (ii) Disclose nonpublic personal information to a new category of nonaffiliated third party; or (iii) Disclose nonpublic personal information about a former member to a nonaffiliated third party, and that former member has not had the opportunity to exercise an opt out right regarding that disclosure. (2) A revised notice is not required if you disclose nonpublic personal information to a new nonaffiliated third party that you adequately described in your prior notice. (c) Delivery. When you are required to deliver a revised privacy notice by this section, you must deliver it according to the methods in §716.9. (a) How to provide notices. You must provide any privacy notices and opt out notices, including short-form initial notices, that this part requires so that each consumer can reasonably be expected to receive actual notice in writing or, if the consumer agrees, electronically. (b) (1) Examples of reasonable expectation of actual notice. You may reasonably expect that a consumer will receive actual notice if you: (i) Hand-deliver a printed copy of the notice to the consumer; (ii) Mail a printed copy of the notice to the last known address of the consumer; (iii) For the consumer who conducts transactions electronically, post the notice on the electronic site and require the consumer to acknowledge receipt of the notice as a necessary step to obtaining a particular financial product or service; (iv) For an isolated transaction with the consumer, such as an ATM transaction, post the notice on the ATM screen and require the consumer to acknowledge receipt of the notice as a necessary step to obtaining the particular financial product or service. (2) Examples of unreasonable expectations of actual notice. You may not, however, reasonably expect that a consumer will receive actual notice if you: (i) Only post a sign in your branch or office or generally publish advertisements of your privacy policies and practices; (ii) Send the notice via electronic mail to a consumer who does not obtain a financial product or service from you electronically. (c) Annual notices only. You may reasonably expect that a member will receive actual notice of your annual privacy notice if: (1) The member uses your web site to access financial products and services electronically and agrees to receive notices at your web site and you post your current privacy notice continuously in a clear and conspicuous manner on your web site; or (2) The member has requested that you refrain from sending any information regarding the member relationship, and your current privacy notice remains available to the member upon request. (d) Oral description of notice insufficient. You may not provide any notice required by this part solely by orally explaining the notice, either in person or over the telephone. (e) Retention or accessibility of notices for members. (1) For members only, you must provide the initial notice required by §716.4 (a)(1), the annual notice required by §716.5(a) and the revised notice required by §716.8 so that the member can retain them or obtain them later in writing or, if the member agrees, electronically. (2) Examples of retention or accessibility. You provide the privacy notice to the member so that the member can retain it or obtain it later if you: (i) Hand-deliver a printed copy of the notice to the member; (ii) Mail a printed copy of the notice to the last known address of the member upon request of the member; or (iii) Make your current privacy notice available on a web site (or a link to another web site) for the member who obtains a financial product or service electronically and agrees to receive the notice at the web site. (a) (1) Conditions for disclosure. Except as otherwise authorized in this part, you may not, directly or through any affiliate, disclose any nonpublic personal information about a consumer to a nonaffiliated third party unless: (i) You have provided to the consumer an initial notice as required under §716.4; (ii) You have provided to the consumer an opt out notice as required in §716.7; (iii) You have given the consumer a reasonable opportunity, before you disclose the information to the nonaffiliated third party, to opt out of the disclosure; and (iv) The consumer does not opt out. (2) Opt out definition. Opt out means a direction by the consumer that you not disclose nonpublic personal information about that consumer to a nonaffiliated third party, other than as permitted by §§716.13, 716.14 and 716.15. (3) Examples of reasonable opportunity to opt out. You provide a consumer with a reasonable opportunity to opt out if: (i) By mail. You mail the notices required in paragraph (a)(1) of this section to the consumer and allow the consumer to opt out by mailing a form, calling a toll-free telephone number, or any other reasonable means within 30 days from the date you mailed the notices. (ii) By electronic means. A member opens an on-line account with you and agrees to receive the notices required in paragraph (a)(1) of this section electronically, and you make the notices available to the member on your web site and allow the member to opt out by any reasonable means within 30 days after the date that the member acknowledges receipt of the notices. (iii) Isolated transaction with consumer. For an isolated transaction, such as the purchase of a traveler's check by a consumer, you provide the consumer with a reasonable opportunity to opt out if you provide the notices required in paragraph (a)(1) of this section at the time of the transaction and request that the consumer decide, as a necessary part of the transaction, whether to opt out before completing the transaction. (b) Application of opt out to all consumers and all nonpublic personal information. (1) You must comply with this section, regardless of whether you and the consumer have established a member relationship. (2) Unless you comply with this section, you may not, directly or through an affiliate, disclose any nonpublic personal information about a consumer that you have collected, regardless of whether you collected it before or after receiving the direction to opt out from the consumer. (c) Partial opt out. You may allow a consumer to select certain nonpublic personal information or certain nonaffiliated third parties with respect to which the consumer wishes to opt out. (a)(1) Information you receive under an exception. If you receive nonpublic personal information from a nonaffiliated financial institution under an exception in §716.14 or 716.15 of this part, your disclosure and use of that information is limited as follows: (i) You may disclose the information to the affiliates of the financial institution from which you received the information; and (ii) You may disclose the information to your affiliates, but your affiliates may, in turn, disclose and use the information only to the extent that you may disclose and use the information; and (iii) You may disclose and use the information pursuant to an exception in §716.14 or 716.15 in the ordinary course of business to carry out the activity covered by the exception under which you received the information. (2) Example. If you receive a member list from a credit union in order to provide correspondent services under the exception in §716.14(a), you may disclose that information under any exception in §716.14 or 716.15 in order to provide those services. For example, you could disclose the information in response to a properly authorized subpoena or to your attorneys, accountants, and auditors. You could not disclose that information to a third party for marketing purposes or use that information for your own marketing purposes. (b)(1) Information you receive outside of an exception. If you receive nonpublic personal information from a nonaffiliated financial institution other than under an exception in §716.14 or 716.15 of this part, you may disclose the information only: (i) To the affiliates of the financial institution from which you received the information; (ii) To your affiliates, but your affiliates may, in turn, disclose the information only to the extent that you can disclose the information; (iii) To any other person, if the disclosure would be lawful if made directly to that person by the financial institution from which you received the information; and (iv) Pursuant to an exception in §716.14 or 716.15. (2) Example. If you obtain a customer list from a nonaffiliated financial institution outside of the exceptions in §§716.14 and 716.15, (i) You may use the list for your own purposes; (ii) You may disclose that list to another non-affiliated third party only if the financial institution from which you purchased the list could have disclosed the list to that third party, that is you may disclose the list in accordance with the privacy policy of the financial institution from which you received the list, as limited by the opt out direction of each consumer whose nonpublic personal information you intend to disclose; and (iii) You may disclose that list as permitted by §716.14 or 716.15, such as to your attorneys or accountants. (c) Information you disclose under an exception. If you disclose nonpublic personal information to a nonaffiliated third party under an exception in §716.14 or 716.15 of this part, the disclosure and use of that information by the third party is limited as follows: (1) The third party may disclose the information to your affiliates; (2) The third party may disclose the information to its affiliates, but its affiliates may, in turn, disclose and use the information only to the extent that the third party may disclose and use the information; and (3) The third party may disclose and use the information pursuant to an exception in §716.14 or 716.15 in the ordinary course of business to carry out the activity covered by the exception under which it received the information. (d) Information you disclose outside of an exception. If you disclose nonpublic personal information to a nonaffiliated third party other than under an exception in §716.14 or 716.15 of this part, the third party may disclose the information only: (1) To your affiliates; (2) To its affiliates, but its affiliates, in turn, may disclose the information only to the extent the third party can disclose the information; (3) To any other person, if the disclosure would be lawful if made directly to that person by you; and (4) Pursuant to an exception in §716.14 or 716.15. (a) General prohibition on disclosure of account numbers. You must not, directly or through an affiliate, disclose, other than to a consumer reporting agency, an account number or similar form of access number or access code for a consumer's credit card account, share account or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing or other marketing through electronic mail to the consumer. (b) Exceptions. Paragraph (a) of this section does not apply if you disclose an account number or similar form of access number or access code: (1) To your agent or service provider solely in order to perform marketing for your own products or services, as long as the agent or service provider cannot directly initiate charges to the account; or (2) To a participant in a private label credit card program or an affinity or similar program where the participants in the program are identified to the member when the member enters into the program. (c) Examples—(1) Account number. An account number, or similar form of access number or access code, does not include a number or code in an encrypted form, as long as you do not provide the recipient with a means to decode the number or code. (2) Transaction account. A transaction account is an account other than a share or credit card account. A transaction account does not include an account to which a third party cannot initiate a charge. (a) General rule. (1) The opt out requirements in §§716.7 and 716.10 do not apply when you provide nonpublic personal information to a nonaffiliated third party to perform services for you or functions on your behalf, if you: (i) Provide the initial notice in accordance with §716.4; and (ii) 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 §716.14 or 716.15 in the ordinary course of business to carry out those purposes. (2) Example. If you disclose nonpublic personal information under this section to a financial institution with which you perform joint marketing, your contractual agreement with that institution meets the requirements of paragraph (a)(1)(ii) of this section if it prohibits the institution from disclosing or using the nonpublic personal information except as necessary to carry out the joint marketing or under an exception in §716.14 or 716.15 in the ordinary course of business to carry out that joint marketing. (b) Service may include joint marketing. The services that a nonaffiliated third party performs for you under paragraph (a) of this section may include marketing of your own products or services or marketing of financial products or services offered pursuant to joint agreements between you and one or more financial institutions. (c) Definition of joint agreement. For purposes of this section, joint agreement means a written contract pursuant to which you and one or more financial institutions jointly offer, endorse, or sponsor a financial product or service. (a) Exceptions for processing transactions at consumer's request. The requirements for initial notice in §716.4(a)(2), the opt out in §§716.7 and 716.10 and service providers and joint marketing in §716.13 do not apply if you disclose nonpublic personal information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, or in connection with: (1) Servicing or processing a financial product or service that a consumer requests or authorizes; (2) Maintaining or servicing the consumer's account with you, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity; or (3) A proposed or actual securitization, secondary market sale (including sales of servicing rights) or similar transaction related to a transaction of the consumer. (b) Necessary to effect, administer, or enforce a transaction means that the disclosure is: (1) Required, or is one of the lawful or appropriate methods, to enforce your rights or the rights of other persons engaged in carrying out the financial transaction or providing the product or service; or (2) Required, or is a usual, appropriate or acceptable method: (i) To carry out the transaction or the product or service business of which the transaction is a part, and record, service or maintain the consumer's account in the ordinary course of providing the financial service or financial product; (ii) To administer or service benefits or claims relating to the transaction or the product or service business of which it is a part; (iii) To provide a confirmation, statement or other record of the transaction, or information on the status or value of the financial service or financial product to the consumer or the consumer's agent or broker; (iv) To accrue or recognize incentives or bonuses associated with the transaction that are provided by you or any other party; (v) In connection with: (A) The authorization, settlement, billing, processing, clearing, transferring, reconciling or collection of amounts charged, debited, or otherwise paid using a debit, credit or other payment card, check or account number, or by other payment means; (B) The transfer of receivables, accounts or interests therein; or (C) The audit of debit, credit or other payment information. (a) Exceptions to opt out requirements. The requirements for initial notice to consumers in §716.4(a)(2), the opt out in §§716.7 and 716.10 and service providers and joint marketing in §716.13 do not apply when you disclose nonpublic personal information: (1) With the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction; (2)(i) To protect the confidentiality or security of your records pertaining to the consumer, service, product or transaction; (ii) To protect against or prevent actual or potential fraud, unauthorized transactions, claims or other liability; (iii) For required institutional risk control or for resolving consumer disputes or inquiries; (iv) To persons holding a legal or beneficial interest relating to the consumer; or (v) To persons acting in a fiduciary or representative capacity on behalf of the consumer; (3) To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating you, persons that are assessing your compliance with industry standards, and your attorneys, accountants, and auditors; (4) To the extent specifically permitted or required under other provisions of law and in accordance with the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.), to law enforcement agencies (including a federal functional regulator, the Secretary of the Treasury, with respect to 31 U.S.C. Chapter 53, Subchapter II (Records and Reports on Monetary Instruments and Transactions) and 12 U.S.C. Chapter 21 (Financial Recordkeeping), a state insurance authority, with respect to any person domiciled in that insurance authority's state that is engaged in providing insurance, and the Federal Trade Commission), self-regulatory organizations, or for an investigation on a matter related to public safety; (5)(i) To a consumer reporting agency in accordance with the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), or (ii) From a consumer report reported by a consumer reporting agency; (6) In connection with a proposed or actual sale, merger, transfer, or exchange of all or a portion of a business or operating unit if the disclosure of nonpublic personal information concerns solely consumers of such business or unit; or (7)(i) To comply with federal, state or local laws, rules and other applicable legal requirements; (ii) To comply with a properly authorized civil, criminal or regulatory investigation, or subpoena or summons by federal, state or local authorities; or (iii) To respond to judicial process or government regulatory authorities having jurisdiction over you for examination, compliance or other purposes as authorized by law. (b) Examples of consent and revocation of consent. (1) A consumer may specifically consent to your disclosure to a nonaffiliated insurance company of the fact that the consumer has applied to you for a mortgage so that the insurance company can offer homeowner's insurance to the consumer. (2) A consumer may revoke consent by subsequently exercising the right to opt out of future disclosures of nonpublic personal information as permitted under §716.7(f). Nothing in this part shall be construed to modify, limit, or supersede the operation of the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), and no inference shall be drawn on the basis of the provisions of this part regarding whether information is transaction or experience information under section 603 of that Act. (a) In general. This part shall not be construed as superseding, altering, or affecting any statute, regulation, order or interpretation in effect in any state, except to the extent that such state statute, regulation, order or interpretation is inconsistent with the provisions of this part, and then only to the extent of the inconsistency. (b) Greater protection under state law. For purposes of this section, a state statute, regulation, order or interpretation is not inconsistent with the provisions of this part if the protection such statute, regulation, order or interpretation affords any consumer is greater than the protection provided under this part, as determined by the Federal Trade Commission, after consultation with the National Credit Union Administration, on the Federal Trade Commission's own motion or upon the petition of any interested party. (a) Effective date. This part is effective November 13, 2000. In order to provide sufficient time for you to establish policies and systems to comply with the requirements of this part, the National Credit Union Administration Board has extended the time for compliance with this part until July 1, 2001. (b)(1) Notice requirement for consumers who were your members on the compliance date. By July 1, 2001, you must provide an initial notice, as required by §716.4, to consumers who are your members on July 1, 2001. (2) Example. You provide an initial notice to consumers who are your members on July 1, 2001, if, by that date, you have established a system for providing an initial notice to all new members and have mailed the initial notice to all your existing members. (c) Two-year grandfathering of service agreements. Until July 1, 2002, a contract that you have entered into with a nonaffiliated third party to perform services for you or functions on your behalf satisfies the provisions of §716.13(a)(2) of this part, even if the contract does not include a requirement that the third party maintain the confidentiality of nonpublic personal information, as long as the agreement was entered into on or before July 1, 2000. Credit unions, including a group of affiliates that use a common privacy notice, may use the following sample clauses, if the clause is accurate for each institution that uses the notice. A–1—Categories of information you collect (all credit unions) You may use this clause, as applicable, to meet the requirement of §716.6(a)(1) to describe the categories of nonpublic personal information you collect. Sample Clause A–1: We collect nonpublic personal information about you from the following sources: • Information we receive from you on applications or other forms; • Information about your transactions with us, our affiliates, or others; and • Information we receive from a consumer reporting agency. A–2—Categories of information you disclose (credit unions that disclose outside of the exceptions) You may use one of these clauses, as applicable, to meet the requirement of §716.6(a)(2) to describe the categories of nonpublic personal information you disclose. These clauses may be used if you disclose nonpublic personal information other than as permitted by the exceptions in §§716.13, 716.14, and 716.15. Sample Clause A–2, Alternative 1: We may disclose the following kinds of nonpublic personal information about you: • Information we receive from you on applications or other forms, such as [provide illustrative examples, such as “your name, address, social security number, assets, and income”]; • Information about your transactions with us, our affiliates, or others, such as [provide illustrative examples, such as “your account balance, payment history, parties to transactions, and credit card usage”]; and • Information we receive from a consumer reporting agency, such as [provide illustrative examples, such as “your creditworthiness and credit history”]. Sample Clause A–2, Alternative 2: We may disclose all of the information that we collect, as described [describe location in the notice, such as “above” or “below”]. A–3—Categories of information you disclose and parties to whom you disclose (credit unions that do not disclose outside of the exceptions) You may use this clause, as applicable, to meet the requirements of §716.6(a)(2), (3) and (4) to describe the categories of nonpublic personal information about members and former members that you disclose and the categories of affiliates and nonaffiliated third parties to whom you disclose. This clause may be used if you do not disclose nonpublic personal information to any party, other than as permitted by the exceptions in §§716.14, and 716.15. Sample Clause A–3: We do not disclose any nonpublic personal information about our members and former members to anyone, except as permitted by law. A–4—Categories of parties to whom you disclose (credit unions that disclose outside of the exceptions) You may use this clause, as applicable, to meet the requirement of §716.6(a)(3) to describe the categories of affiliates and nonaffiliated third parties to whom you disclose nonpublic personal information. This clause may be used if you disclose nonpublic personal information other than as permitted by the exceptions in §§716.13, 716.14, and 716.15, as well as when permitted by the exceptions in §§716.14, and 716.15. Sample Clause A–4: We may disclose nonpublic personal information about you to the following types of third parties: • Financial service providers, such as [provide illustrative examples, such as “mortgage bankers, securities broker-dealers, and insurance agents”]; • Non-financial companies, such as [provide illustrative examples, such as “retailers, direct marketers, airlines, and publishers”]; and • Others, such as [provide illustrative examples, such as “non-profit organizations”]. We may also disclose nonpublic personal information about you to nonaffiliated third parties as permitted by law. A–5—Service provider/joint marketing exception You may use one of these clauses, as applicable, to meet the requirements of §716.6(a)(5) related to the exception for service providers and joint marketers in §716.13. If you disclose nonpublic personal information under this exception, you must describe the categories of nonpublic personal information you disclose and the categories of third parties with whom you have contracted. Sample Clause A–5, Alternative 1: We may disclose the following information to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements: • Information we receive from you on applications or other forms, such as [provide illustrative examples, such as “your name, address, social security number, assets, and income”]; • Information about your transactions with us, our affiliates, or others, such as [provide illustrative examples, such as “your account balance, payment history, parties to transactions, and credit card usage”]; and • Information we receive from a consumer reporting agency, such as [provide illustrative examples, such as “your creditworthiness and credit history”]. Sample Clause A–5, Alternative 2: We may disclose all of the information we collect, as described [describe location in the notice, such as “above” or “below”] to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. A–6—Explanation of opt out right (credit unions that disclose outside of the exceptions) You may use this clause, as applicable, to meet the requirement of §716.6(a)(6) to provide an explanation of the consumer's right to opt out of the disclosure of nonpublic personal information to nonaffiliated third parties, including the method(s) by which the consumer may exercise that right. This clause may be used if you disclose nonpublic personal information other than as permitted by the exceptions in §§716.13, 716.14, and 716.15. Sample Clause A–6: If you prefer that we not disclose nonpublic personal information about you to nonaffiliated third parties, you may opt out of those disclosures, that is, you may direct us not to make those disclosures (other than disclosures permitted by law). If you wish to opt out of disclosures to nonaffiliated third parties, you may [describe a reasonable means of opting out, such as “call the following toll-free number: (insert number)]. A–7—Confidentiality and security (all credit unions) You may use this clause, as applicable, to meet the requirement of §716.6(a)(8) to describe your policies and practices with respect to protecting the confidentiality and security of nonpublic personal information. Sample Clause A–7: We restrict access to nonpublic personal information about you to [provide an appropriate description, such as “those employees who need to know that information to provide products or services to you”]. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
Title 12: Banks and Banking
PART 716—PRIVACY OF CONSUMER FINANCIAL INFORMATION
Section Contents
§ 716.1 Purpose and scope.
§ 716.2 Rule of construction.
§ 716.3 Definitions.
§ 716.4 Initial privacy notice to consumers required.
§ 716.5 Annual privacy notice to members required.
§ 716.6 Information to be included in initial and annual privacy notices.
§ 716.7 Form of opt out notice to consumers and opt out methods.
§ 716.8 Revised privacy notices.
§ 716.9 Delivering privacy and opt out notices.
§ 716.10 Limits on disclosure of nonpublic personal information to nonaffiliated third parties.
§ 716.11 Limits on redisclosure and reuse of information.
§ 716.12 Limits on sharing of account number information for marketing purposes.
§ 716.13 Exception to opt out requirements for service providers and joint marketing.
§ 716.14 Exceptions to notice and opt out requirements for processing and servicing transactions.
§ 716.15 Other exceptions to notice and opt out requirements.
§ 716.16 Protection of Fair Credit Reporting Act.
§ 716.17 Relation to state laws.
§ 716.18 Effective date; transition rule.
Appendix A to Part 716—SAMPLE CLAUSES
§ 716.1 Purpose and scope.
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§ 716.2 Rule of construction.
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§ 716.3 Definitions.
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Subpart A—Privacy and Opt Out Notices
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§ 716.4 Initial privacy notice to consumers required.
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§ 716.5 Annual privacy notice to members required.
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§ 716.6 Information to be included in initial and annual privacy notices.
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§ 716.7 Form of opt out notice to consumers and opt out methods.
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§ 716.8 Revised privacy notices.
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§ 716.9 Delivering privacy and opt out notices.
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Subpart B—Limits on Disclosures
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§ 716.10 Limits on disclosure of nonpublic personal information to nonaffiliated third parties.
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§ 716.11 Limits on redisclosure and reuse of information.
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§ 716.12 Limits on sharing of account number information for marketing purposes.
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Subpart C—Exceptions
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§ 716.13 Exception to opt out requirements for service providers and joint marketing.
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§ 716.14 Exceptions to notice and opt out requirements for processing and servicing transactions.
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§ 716.15 Other exceptions to notice and opt out requirements.
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Subpart D—Relation to Other Laws; Effective Date
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§ 716.16 Protection of Fair Credit Reporting Act.
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§ 716.17 Relation to state laws.
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§ 716.18 Effective date; transition rule.
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Appendix A to Part 716—SAMPLE CLAUSES
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