When your information is disclosed as part of a contract between your financial institution and a common distributor, this is called a “common marketing agreement.” You are not allowed to know the details of these joint marketing agreements and you are not allowed to participate in the flow of information under these contracts. (2) Example. If you pass on non-public personal data to a financial institution in this section, with which you conduct joint marketing, your contract with that institution meets the requirements of paragraph A) (1) (ii) of this section if it prohibits the institution from disclosing or using non-public personal data, unless necessary to perform joint marketing or in the process of performing regularly in accordance with a derogation under section 248.14 or 248.15. A common distributor is a company that contracts with another company to sell you financial services or products. Information can be freely shared under such contracts. The GLB requires that these contracts apply for the marketing of financial products or services. The law does not allow you to say “no” to pass on your information as part of these marketing agreements. c) definition of a common agreement. For the purposes of this section, the joint agreement refers to a written contract under which you and one or more financial institutions jointly coalesce, support or sponsor a financial product or service.
Common marketing agreements are concluded by unrelated third parties. But for GLB`s common marketing flaw, you could stop this data sharing by opting out. Consider the expansive definition of a financial “service or product” and companies under the “Financial Institution” section. A financial institution is not content with companies such as banks, brokers and insurance companies. Payroll lenders, mortgage brokers and car dealers are also “financial institutions.” Joint marketing agreements open the door to data exchange between a number of unrelated third-party companies. b) The service may include common marketing. Services provided to you by an unrelated third party in accordance with paragraph (a) of this section may include the marketing of your own products or services or the marketing of financial products or services offered under joint agreements between you and one or more financial institutions. (ii) enter into a contract with the third party that prohibits the third party from disclosing or using the information, except to fulfill the purposes for which you disclosed the information, including use as part of a derogation from Articles 248.14 or 248.15 in the context of the ordinary activity to fulfill those purposes. How does common marketing weaken my right to opt-out? Can I prevent my financial company from sharing my personal data with its related companies? Consumer Financial Protection Bureau Phone: (855) 411-CFPB (2372) Will the Data Protection Statement say exactly what information may be disclosed about me? This is a business that is not in the possession or control of the company with which you do business.