12 C.F.R. § 716.14 Exceptions to notice and opt out requirements for processing and servicing transactions.
Title 12 - Banks and Banking
(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.
Title 12: Banks and Banking
PART 716—PRIVACY OF CONSUMER FINANCIAL INFORMATION
Subpart C—Exceptions
§ 716.14 Exceptions to notice and opt out requirements for processing and servicing transactions.
