The directors, management and staff of Chocolate Bayou Community Federal Credit Union (CBCFCU) are concerned about and respect the privacy of our members’ personal financial information. CBCFCU is committed to treating such information responsibly and securely.
Types of Information the Credit Union Collects
At CBCFCU, we collect nonpublic personal information directly from members, joint owners, co-borrowers, and guarantors on various applications and forms (for example, loan applications, credit card applications, deposit account applications and requests for information about accounts or products and services).
CBCFCU also collects information as a result of transactions between the credit union and such individuals and as a result of providing our products and services. This includes transaction information from share drafts (checks), credit cards, automated teller machine (ATM) cards, and electronic transfers (for example, automated clearinghouse (ACH) transactions and home banking, once it is available to credit union members).
Nonpublic personal information does not include information CBCFCU obtains from government records, widely distributed media, or government-mandated disclosures.
Types of Information the Credit Union Discloses
CBCFCU may disclose the following types of information about current or former members to our affiliates:
- Identification information, such as name, address and telephone number.
- Transactional information.
- Deposit or loan account experience.
Examples of the types of businesses we may share information with are:
- Financial service providers, such as mortgage bankers and insurance agents
- Non-financial companies, such as retailers, and companies that may assist with marketing & promoting credit union products and services to members and non-members
- Data processing vendors
- Credit card processors
- Statement processors
- Check and ATM card orders
- Credit Bureaus
- Other, such as non-profit organizations
Safeguarding Member Information
It has never been nor will it be CBCFCU’s practice to share nonpublic personal information except that necessary to transact member business (for example, printing member statements, credit card statements, loan documents, etc.) and promote credit union products and services to members or non-members. We protect member privacy by ensuring that only employees who have a business reason for knowing information have access to it and by maintaining strong security controls in our files and computer files (including security coding techniques, where appropriate).
Member’s Right to Opt Out of Sharing Agreements
Members have the right to opt out of CBCFCU’s sharing agreements with certain affiliates and non-affiliates by completing the attached form and returning it to the credit union in the manner described on the form.
If a member signs the opt-out notice at the time an account is opened or application processed, CBCFCU will honor the request immediately. However, members may opt out of the information sharing agreements at any time. If a member notifies the credit union after an account is opened or application processed, the credit union agrees to stop sharing the member’s information within 30 days from the date the member’s request is received.
Exceptions to a Member’s Opt-out Rights
By law, Chocolate Bayou Community Federal Credit Union may share personal information about members without allowing the opportunity to opt out in the following circumstances:
- With companies that perform transaction processing for CBCFCU:
- If the transaction, service or product is requested or authorized by the member.
- To maintain or service a member’s account as part of a private label credit card or other loan extension program.
- In connection with a securitization, secondary market sale (including servicing rights) or similar transaction related to a consumer.
- For disclosures that are necessary to enforce the credit union’s legal or contractual rights or the rights of any other person who is engaged in the financial transaction.
- For disclosures required in the ordinary course of our business, such as in the settlement of claims or benefits, the confirmation of information to a member or their agent, and the billing, processing or clearing of items in the normal course of business.
- To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating the credit union, persons that are assessing the credit union’s compliance with industry standards, and the credit union’s attorneys, accountants and auditors.
- To the extent permissible under the Rights to Financial Privacy Act (RFPA).
- To a consumer reporting agency under the Fair Credit Reporting Act.
- To comply with federal, state or local laws, rules and other applicable legal requirements.
CBCFCU may also disclose personally identifiable information to non-affiliated third parties we engage to market our own services or products to members. The credit union has never, nor will we ever, provide members’ personal information to non-credit union companies for the purpose of their independent telemarketing or direct mail marketing of any non-financial products or services.
If CBCFCU shares information with a third-party, non-affiliated marketing firm for the purpose of telling our members about our new products or services, CBCFCU will enter into a written agreement with the third party that will require that party to maintain the confidentiality of the information in the same manner the credit union would and restrict its use.