LG&E CO CREDIT UNION PRIVACY POLICY
Louisville Gas & Electric Co Credit Union is owned by its members. It is directed by a Board of Directors that is elected by the membership. Member’s financial privacy is a top priority of this Credit Union. The credit union is required by law to provide a privacy notice to explain how we collect, use and safeguard member’s personal financial information. If a member has any questions, they can contact a member service representative at (502) 627-3140.
The credit union is committed to providing competitive products and services to meet member’s financial needs, which necessitates sharing information to complete transactions and to provide certain financial opportunities. In order to do so, the credit union enters into agreements with other companies that provide either services to us or additional financial products for the member’s to consider.
Under these arrangements, the credit union may disclose all of the information collected, as described below, to companies that perform marketing or other services on our behalf. To protect our members’ privacy, the credit union will only work with companies that agree to maintain strong confidentiality protections and limit the use of information provided. The information provided to companies is not to be sold to other third parties.
Information Collected and Disclosed
The credit union collects and may disclose nonpublic personal information about a member from the following sources:
Information received on membership and loan applications and other forms;
Information about member’s transactions with us or others;
Information received from a consumer reporting agency;
Information obtained when verifying the information provided on an application or other forms, such as from current or past employers or from other institutions where members conduct financial transactions.
The credit union may disclose information collected about a member under other circumstances as permitted or required by law. These disclosures typically include information to process transactions on a member’s behalf, conduct the operations of the credit union, follow member’s instructions as authorized, or protect the security of credit union financial records.
If membership is terminated with Louisville Gas & Electric Co Credit Union, we will not share information that has been collected, except as permitted or required by law.
How We Protect Member Information
The credit union restricts access to nonpublic personal information about members to those employees who have a specific business purpose in utilizing the data. Credit Union employees are trained in the importance of maintaining confidentiality and member privacy. Physical, electronic, and procedural safeguards that comply with federal regulations and leading industry practices to safeguard nonpublic personal information is maintained.
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for the member: When a member opens an account, they will be asked for their name, address, date of birth, and other information that will allow them to be identified. A driver’s license or other identifying documents will be required.
Disclosure of Privacy Policy
The Credit Union will disclose its privacy policy as required by law, in a form that members can keep. This disclosure will be in the form of an initial disclosure and will also be provided to members annually. All notices will be in compliance with state and federal regulations.
Members Right to Opt. Out
Privacy regulations allow members to “opt out” of having their information disclosed to non-affiliated third parties in certain situations. The Credit Union will properly inform members of their right to “opt out” before disclosing any member information to non-affiliated third parties that are not otherwise covered by a disclosure exception.
The opt out notice shall include the address and phone number of the Credit Union, the rights of the Credit Union and the rights of the member, and instructions for members to exercise their opt out rights.
The opt out is effective until the consumer revokes it in writing.