A compliance review finds that an outside party asks for borrower bank statements without a permissible basis. What should the MLO do next?
Correct Answer
B) Follow privacy limits before sharing nonpublic personal information
Lines 273-277; 12 CFR Part 1016 summary and Subparts A-B. Borrower nonpublic personal information is subject to privacy notices and sharing limits. Therefore, the correct response is "Follow privacy limits before sharing nonpublic personal information".
Why This Is the Correct Answer
Lines 273-277; 12 CFR Part 1016 summary and Subparts A-B. Borrower nonpublic personal information is subject to privacy notices and sharing limits. Therefore, the correct response is "Follow privacy limits before sharing nonpublic personal information".
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A branch manager asks about a loan file because an outside party asks for borrower bank statements without a permissible basis. What should happen?
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