[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR717.83]



[Page 570-571]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 717_FAIR CREDIT REPORTING--Table of Contents

 

 Subpart I_Duties of Users of Consumer Reports Regarding Identity Theft

 

Sec. 717.83  Disposal of consumer information.



    (a) In general. You must properly dispose of any consumer 

information that you maintain or otherwise possess in a manner 

consistent with the Guidelines for Safeguarding Member Information, in 

appendix A to part 748 of this chapter.

    (b) Examples. Appropriate measures to properly dispose of consumer 

information include the following examples. These examples are 

illustrative only and are not exclusive or exhaustive methods for 

complying with this section.

    (1) Burning, pulverizing, or shredding papers containing consumer 

information so that the information cannot practicably be read or 

reconstructed.

    (2) Destroying or erasing electronic media containing consumer 

information so that the information cannot practicably be read or 

reconstructed.

    (c) Rule of construction. This section does not:

    (1) Require you to maintain or destroy any record pertaining to a 

consumer that is not imposed under any other law; or

    (2) Alter or affect any requirement imposed under any other 

provision of law to maintain or destroy such a record.

    (d) Definitions. As used in this section:

    (1) Consumer information means any record about an individual, 

whether in paper, electronic, or other form, that is a consumer report 

or is derived from a consumer report and that is maintained or otherwise 

possessed by or on behalf of the credit union for a business purpose. 

Consumer information also means a compilation of such records. The term 

does not include any record that does not identify an individual.

    (i) Consumer information includes:

    (A) A consumer report that you obtain;

    (B) Information from a consumer report that you obtain from your 

affiliate after the consumer has been given a notice and has elected not 

to opt out of that sharing;

    (C) Information from a consumer report that you obtain about an 

individual who applies for but does not receive a loan, including any 

loan sought by an individual for a business purpose;

    (D) Information from a consumer report that you obtain about an 

individual who guarantees a loan (including a loan to a business 

entity); or



[[Page 571]]



    (E) Information from a consumer report that you obtain about an 

employee or prospective employee.

    (ii) Consumer information does not include:

    (A) Aggregate information, such as the mean credit score, derived 

from a group of consumer reports; or

    (B) Blind data, such as payment history on accounts that are not 

personally identifiable, you use for developing credit scoring models or 

for other purposes.

    (2) Consumer report has the same meaning as set forth in the Fair 

Credit Reporting Act, 15 U.S.C. 1681a(d). The meaning of consumer report 

is broad and subject to various definitions, conditions and exceptions 

in the Fair Credit Reporting Act. It includes written or oral 

communications from a consumer reporting agency to a third party of 

information used or collected for use in establishing eligibility for 

credit or insurance used primarily for personal, family or household 

purposes, and eligibility for employment purposes. Examples include 

credit reports, bad check lists, and tenant screening reports.