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Can I collect bank account information from participants in Arkansas? What are the requirements?
Based on the documents provided, there are specific requirements for collecting bank account information from participants in Arkansas.
Privacy of Account Information
According to ARCO 23-48-808, a bank using customer-bank communication terminals shall establish and maintain reasonable safeguards designed to protect the privacy and confidentiality of account information.
Bank Retention of Records
ARAR 210.00.1-46-511.1 outlines the records that Arkansas state banks are required to maintain permanently and those that should be retained for a specific period of time. This includes customer relationship contracts, signature cards, loan applications, safe deposit agreements, and financial activity records, among others.
Other Exceptions to Notice and Opt-Out Requirements for Disclosure of Nonpublic Personal Financial Information
ARAR 054.00.74-16 provides exceptions to opt-out requirements for disclosing nonpublic personal financial information. These exceptions include disclosing information with the consent or direction of the consumer, to protect against fraud or unauthorized transactions, to comply with legal requirements, and for purposes related to the replacement of a group benefit plan, a group health plan, or a group welfare plan.
Additionally, according to ARCO 23-46-304, the State Banking Board has the power and duty to approve or disapprove all applications for charters for new state banks, approve or disapprove all applications for the merger or consolidation of one or more banks, approve or disapprove all applications for the purchase by one state bank of over fifty percent of the assets of another depository institution, and approve or disapprove all applications by a savings and loan association to convert to a state bank, among other powers.
It is important to note that the documents provided do not provide specific guidance on collecting bank account information from participants in Arkansas. Therefore, it is recommended that you consult with a legal professional to ensure compliance with all applicable laws and regulations.
Source(s):
- [2.1] Powers of State Banking Board — Filings with Bank Commissioner.
- [3.2] Confidential or Non-Confidential Status of Bank Department Records.
- [5.2] Records and financial reports — Disposition of funds.
Jurisdiction
Arkansas