One of the last laws enacted in the twentieth century was the Gramm - Leach - Bliley Act of 1999. This legislation overturned decades of restrictions on financial institutions in areas such as providing insurance and securities services to bank customers and credit union members. Key portions of the Act concerned the privacy provisions that became effective in 2000.
Consumer privacy became a hot issue as more and more consumer data were sold or traded among businesses. It was common practice for financial institutions to provide information about their members and customers to business partners such as insurance or brokerage agencies. For credit unions, this information sharing helped enhance relationships and provide critical data for credit union-related services. Consumers made it known to Congress that they wanted their financial information to remain confidential, and demanded an option that would at least permit them to opt out of some information sharing. As a result, congress included several privacy provisions in the Act. By July 2001, every credit union is required to adopt a privacy policy that addresses member concerns regarding the selling or sharing of confidential information to business partners or other third parties. The credit union's privacy policy should explain why certain information is collected. It should also outline the security and controls that guard against unauthorized access or release of information and ensure the integrity of the members' financial information.
Credit union privacy policies must address the circumstances that will allow information to be released and to whom it will be released. The policy should also prohibit the release of sensitive information, including account numbers, balances, and other personal information.
Finally, the Act allows members the choice on whether or not their information may be released at all. Under the privacy legislation, credit union members will have the ability to opt out of information exchanges, and may prohibit the credit union from providing information to credit union business partners. If a member opts out, the credit union is required to honor that request.
Erie Community Credit Union
Privacy Policy
Policy Statement
Erie Community Credit Union is committed to providing you with financial products and services to meet your needs. We are equally committed to protecting our members' privacy.
Information That We May Collect
We collect nonpublic personal information about you from the following sources:
- Information we receive from you on applications or other forms, such as: your name, address, social security number, assets, and income.
- Information about your transactions with us, our affiliates, or others, such as: your account balance, payment history, parties to transactions, and credit card usage.
- Information we receive from a consumer reporting agency, such as: your credit worthiness and history.
Disclosure As Permitted By Law
We do not disclose any nonpublic personal information about our members or former members to others, except as required by law.
Information That We Disclose
We may disclose all of the information we collect, as described above, to service providers and to companies that perform marketing services on our behalf (for example, check printing companies).
Confidentiality and Security
We restrict access to nonpublic personal information about you to those employees who have a specific need for information to provide products or services to you. Our employees are trained in the importance of maintaining confidentiality and member privacy. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to safeguard your nonpublic personal information. |
