A customer calls to dispute a charge on their mortgage account. The loan servicer shares this complaint information with the original lender to investigate. This sharing is:
Correct Answer
B) Permitted as an exception for processing customer transactions
GLBA permits sharing of nonpublic personal information without opt-out requirements when necessary to effect, administer, or enforce a transaction requested by the consumer, which includes processing customer complaints and disputes.
Why This Is the Correct Answer
GLBA permits sharing of nonpublic personal information without opt-out requirements when necessary to effect, administer, or enforce a transaction requested by the consumer, which includes processing customer complaints and disputes.
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A credit union's mortgage department shares customer payment history information with the credit union's investment services division to market investment products. Both divisions are part of the same credit union. Under GLBA, this practice is:
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A mortgage broker wants to share a borrower's credit report with the borrower's real estate agent to help negotiate a better purchase price. The borrower verbally agreed to this during a phone call. Under GLBA, is this sharing permitted?