Consumer Data Protection/Privacy Policy

STATEMENT OF NEED AND PURPOSE

The Beverly Hills City Employees Federal Credit Union’s (BHCEFCU) Board of Directors recognizes that in the financial services industry there is a common interest in protecting consumer data. The privacy of nonpublic personal information is a significant concern when assessing internal controls, procedures, and security programs of BHCEFCU. To minimize privacy breaches, we need to ensure that consumers are aware of BHCEFCU’s privacy policies and practices and the general types of procedures used and that internal controls and practices are periodically audited. Senior management and the board of directors have adopted a specific privacy notice to communicate the data sharing policies of the Credit Union and to effectively meet specific regulatory requirements. The notice will assist consumers and members with relationships with our Credit Union for understanding the risks of information privacy. The specific privacy notice statement will also detail our consumer information protection principles.

Through proper communication and by carefully monitoring all facets of transactions entered into, consumers, our members, and our institution will benefit. Our primary goal is to protect the privacy of consumers and, therefore, the integrity of the institution.

Approved 11/28/2000

Initial Notice of Privacy Policy for The Beverly Hills City Employees FCU

At the Beverly Hills City Employees Federal Credit Union, we do everything we can to protect the privacy of consumers and our members, including those who visit our Web site. We value your time and your interest in our organization. We place a high priority on ensuring the security and privacy of data pertaining to each consumer. BHCEFCU is aware that as members, you have entrusted us with your financial information and accounts, and also have shared personal information with us.

BHCEFCU’s Consumer Data Protection and Privacy Practices

BHCEFCU’s board of directors and staff believe it is important to inform you of the data protection and privacy practices that we have instituted. We have:

  • Established specific security protection practices to ensure privacy of information.
  • Defined control methods to limit access to consumer information.
  • Formalized procedures and processes to ensure the maintenance of accurate information.
  • Established procedures and restrictions on disclosure of member account information.
  • Defined standards for consumer data collection, use, and methods of storage.
  • Required consumer data privacy covenants in third-party service and business arrangements.
  • Ensured that our staff is committed to protect a consumer’s right to data privacy.
  • Disclosed to our members our privacy benchmarks and provided an overview of institution privacy practices

To ensure that we successfully accomplish these priority practices, as an organization we have:

  • Established formal guidelines for management and staff to ensure that the protection of consumer data and staff awareness of data privacy are top priorities
  • Developed and provided to potential and existing members a detailed notice about our data protection and privacy policy and practices
  • Established guidelines to ensure that proper procedures and controls are in place to address those situations required by law when we must disclose nonpublic personal information about you

The consumer data protection/privacy notice serves as a reference guide for consumers, members, credit union staff, and management regarding the protection of your data and your privacy.

Accuracy of Information

Every effort is made to ensure that our records of your information are complete and correct. If an error is noted on your statement or in any other communication from us, please contact us at the number listed on your account materials as soon as possible.

The Collection and Use of Information

We need to collect information about you to conduct our business relationship. However, in order to protect your information, we maintain and enforce strict security procedures.

We collect nonpublic personal information about you from various sources, including:

  • Information we received from you on applications or other forms
  • Information about your transactions with us
  • Information we receive from a consumer reporting agency

We do not disclose any nonpublic personal information about you to anyone, except as permitted by law.

We also may disclose information to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements.

If you decide to close your account(s) or become an inactive member, we will adhere to the privacy policies and practices as described in this notice.

We collect only the information necessary to deliver quality products and services to our members. Only authorized and trained employees have access to member information. We also are continually assessing new technology, as it becomes available, to continue to best protect your privacy.

Adopted by BHCEFCU: January 1, 2001