[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: 12CFR716.11]



[Page 553-554]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 716_PRIVACY OF CONSUMER FINANCIAL INFORMATION--Table of Contents

 

                     Subpart B_Limits on Disclosures

 

Sec. 716.11  Limits on redisclosure and reuse of information.



    (a)(1) Information you receive under an exception. If you receive 

nonpublic personal information from a nonaffiliated financial 

institution under an exception in Sec. 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 Sec. 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 Sec. 

716.14(a), you may disclose that information under any exception in 

Sec. 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 Sec. 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 Sec. 716.14 or 716.15.

    (2) Example. If you obtain a customer list from a nonaffiliated 

financial institution outside of the exceptions in Sec. Sec. 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 Sec. 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 Sec. 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 Sec. 716.14 or 716.15 in the ordinary course of 

business to carry out the activity covered by the exception



[[Page 554]]



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 Sec. 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 Sec. 716.14 or 716.15.