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• W248894468 abstract "On June 10, 2005, the federal bank and thrift agencies approved an interim final rule establishing exceptions to the prohibition on creditors using or obtaining as established in Section 411 of the Fair and Accurate Credit Transactions Act of 2003. ABA worked closely with the regulators to ensure that the exceptions cover the ways medical is obtained and used by our members. The interim final rule becomes effective on March 7, 2006. Basics about the new rules FACTA's Section 411 does three things: First, it flatly prohibits creditors from either 1. obtaining; or 2. using medical in connection with credit eligibility determinations, except as permitted under regulatory exceptions. FACTA directed the agencies to establish exceptions to the prohibitions on using or sharing medical for transactions determined to be necessary and appropriate to protect legitimate operational, transactional, risk, consumer, and other needs. Unless a creditor obtains or uses medical in accordance with such an exception, it simply may not obtain or use such information. Second, Section 411 prohibits re-disclosure of consumer medical except to achieve the purpose for which it was disclosed. Third, Section 411 prohibits sharing consumer medical with affiliates, even via the current exceptions under the Fair Credit Reporting Act that would otherwise permit sharing transaction or experience with affiliates. There are, however, several statutory exceptions to this prohibition, covered below. Here are some common questions that bankers in your own shop may be asking: Q. What constitutes information for purposes of this regulation? A. Medical information is very broadly defined to mean or data (oral or recorded) in any medium that relates to the past, present, or future physical, mental, or behavioral health or condition of an individual, the provision of health care to an individual, or the payment for the provision of health care to an individual. It is this last prong that affects bankers the most. Many bankers would say they don't use medical when they underwrite loans, but what they really mean is that they don't use it inappropriately. In reality, bankers obtain medical all the time on loan applications and in credit reports that list debts for medical products or services. Similarly, they may inadvertently obtain medical when a customer tells them why they need a loan or in connection with credit insurance or debt cancellation contracts. This is why ABA worked closely with the industry and regulators to make sure the exceptions cover the ways bankers actually obtain and use medical information. Q. What do the exceptions cover? A. The agencies came up with two general exceptions and then a list of more specific exceptions. The general exemptions cover two situations: 1. where a creditor gets unsolicited medical information, and 2. financial information. Unsolicited means that the creditor didn't ask for the information. For example, this might occur when an applicant tells a loan officer why the loan is needed, or why forbearance is needed. The regulators recognized that obviously bankers can't control what their customers tell them. However, bankers can only use the if it falls within one of the exceptions. The financial exception is the key exception for most institutions, and it covers all the types of used in credit determinations. Under this exception, creditors may obtain and use medical so long as: * The is the type routinely used in making credit eligibility determinations; * The is used in a manner no less favorable than comparable non-medical would be used; and * The creditor does not consider the consumer's physical, mental, or behavioral health, condition or history, type of treatment, or prognosis when making the credit determination. …" @default.
• W248894468 created "2016-06-24" @default.
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• W248894468 date "2005-09-01" @default.
• W248894468 modified "2023-09-26" @default.
• W248894468 title "Rx for Medical Privacy Rules Tight Compliance with Details" @default.
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