Does the credit union have an affiliate?

1. Do the credit union and its affiliate share information?

2. Is the credit union going to use “eligibility information” from its affiliate (or vice versa) for the purposes of making a “solicitation” for “marketing purposes”?

3. Does an exception exist for the specific solicitation?

4. This information sharing arrangement must be disclosed to the consumer, who must be given a chance to opt out, before such a solicitation must be made. The affiliate that has the preexisting relationship with the consumer must send the notice, or it may be sent as a joint notice by two or more members of an affiliated group of companies, provided that at least one has a preexisting relationship with the consumer.  12 C.F.R. § 1022.21(a)(3).  Opt out notices can be coordinated and consolidated with any other required notice or disclosure. 12 C.F.R. § 1022.20(b)(2)(ii).

5. The credit union is not require to provide the affiliate marketing notice and offer an opt out.