Terms Used In CFR > Title 12 > Chapter X > Part 1016 > Subpart A
- Affiliate: means any company that controls, is controlled by, or is under common control with another company. See 12 CFR 1016.3
- Clear and conspicuous: means that a notice is reasonably understandable and designed to call attention to the nature and significance of the information in the notice. See 12 CFR 1016.3
- Collect: means to obtain information that you organize or can retrieve by the name of an individual or by identifying number, symbol, or other identifying particular assigned to the individual, irrespective of the source of the underlying information. See 12 CFR 1016.3
- Company: means any corporation, limited liability company, business trust, general or limited partnership, association, or similar organization. See 12 CFR 1016.3
- Consumer: means an individual who obtains or has obtained a financial product or service from you that is to be used primarily for personal, family, or household purposes, or that individual's legal representative. See 12 CFR 1016.3
- Continuing relationship: A consumer has a continuing relationship with you if the consumer:
(A) Has a deposit or investment account with you. See 12 CFR 1016.3
- Contract: A legal written agreement that becomes binding when signed.
- Credit union: means a Federal or state-chartered credit union that the National Credit Union Share Insurance Fund insures. See 12 CFR 1016.3
- Customer: means a consumer who has a customer relationship with you. See 12 CFR 1016.3
- Customer relationship: means a continuing relationship between a consumer and you under which you provide one or more financial products or services to the consumer that are to be used primarily for personal, family, or household purposes. See 12 CFR 1016.3
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- financial institution: means any institution the business of which is engaging in activities that are financial in nature or incidental to such financial activities as described in section 4(k) of the Bank Holding Company Act of 1956 (12 U. See 12 CFR 1016.3
- Financial product or service: means any product or service that a financial holding company could offer by engaging in an activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 (12 U. See 12 CFR 1016.3
- Financial service: includes your evaluation or brokerage of information that you collect in connection with a request or an application from a consumer for a financial product or service. See 12 CFR 1016.3
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Member: means a consumer who is a member of a credit union, as defined in the credit union's bylaws. See 12 CFR 1016.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- nonaffiliated third party: includes the other company that jointly employs the person). See 12 CFR 1016.3
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Personal property: All property that is not real property.
- Personally identifiable financial information: means any information:
(i) A consumer provides to you to obtain a financial product or service from you. See 12 CFR 1016.3
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- You: means a financial institution for which the Bureau has rulemaking authority under section 504(a)(1)(A) of the GLB Act (15 U. See 12 CFR 1016.3