PRIVACY POLICY
Priority Federal Credit Union (PFCU) is committed to serving the financial needs of our members without compromising the valued relationship we have together. The Directors, management, and staff of PFCU acknowledge that our member’s trust and confidence is our highest priority. In daily transactions and dealings with us, our members furnish sensitive and confidential information. We are committed to protecting that personal information and our member’s privacy. It is our stated intent to comply with all NCUA Privacy Regulations and other applicable privacy provisions. To ensure that our members continue their trust and confidence in PFCU, we adopt the following policy.
Priority Federal Credit Union shall comply with all NCUA Privacy Regulations and all applicable state privacy laws affecting us. The Manager/CEO of PFCU shall ensure that all Directors, management, and staff are properly trained in the various privacy laws affecting our credit union and its members, and shall continuously monitor privacy regulations to ensure that PFCU has fully complied with all privacy laws.
We collect nonpublic personal information about members from the following sources:
• Information we receive from them on applications and other forms.
• Information about their transactions with others or us.
• Information we receive from a consumer credit reporting agency.
No credit union employee shall request information from a member unless that information is necessary to confirm a members identity, conduct or complete a transaction, process an application, or is for business purposes.
Priority Federal Credit Union shall not disclose any nonpublic personal information about our members or former members to anyone, except as permitted, or required, by law, in accordance with 12 CFR Parts 713.13, 716.14, and 716.15. This means that information shall only be disclosed to the account owner, joint owner, and third party relationships exempted by law, such as: Credit Bureau, State Government, Federal Government, Federal Auditor, Compliance Auditors, CPA Auditor, IRS, system data processor, check printing service, bonding and insurance companies, repossession agents, collection agencies, and attorneys, etc. There is no option to “opt out” of the privacy policy because there is no “opt out” need. We will disclose a member’s information to a non-affiliated third party only as directed by the member’s permission, and that permission extends to that specific third party request only.
Priority Federal Credit Union shall restrict access to our member’s information to those employees who need to know that information to provide products or services. We shall maintain physical, electronic, and procedural safeguards that comply with federal and state regulations in order to protect our member’s personal information.
Adopted by the Board of Directors this 14th day of March, 2001.
Inventory of Member Information collected: Name; Address; Phone; Cell; Email; SSN; Birthdate; Government Photo ID; Drivers License Number; Employment Information of member and all joint account owners. For Loan Processing, additional information collected includes: Nearest Relative Contact; Income & Financial Information; Monthly Fixed Expenses; Credit History; Marital Status. If married, the same information will be collected on the spouse. This also will include a Significant Other whose income is being used to qualify a loan. All of the above information will also be collected from any potential Joint Borrower, Co-Maker or Loan Guarantor.
Inventory of Third-Party Relationships includes: FedComp; Southwest Corporate FCU; TransUnion LLC; Sullivan & Company P. A.; Audrianna Grisham, PA; Coker Law Firm, PA; Deluxe Corporation; Debit Card Processor; VISA; Repossession Agencies; NCUA; CUNA Mutual; Arkansas Credit Union League; League Service Corporation; Federal and State Government Agencies; Federal and State Law Enforcement Agencies; All Courts; Office of Child Support Enforcement.
This policy shall be reviewed periodically by the Board of Directors and the policy shall be amended as circumstances warrant. However, the Inventory of Member Information and Third-Party Relationships shall be maintained and amended as needed by the manager and will not require approval by the Board each time the Inventory is updated.
Priority Federal Credit Union shall disclose this privacy policy to all credit union members upon establishing a membership with PFCU, and annually thereafter.
