Area

Type of information

Covered under GLB

Explanation

Accounting Services

Reports for direct lending/student loan and request for federal draw reports

Yes

"financial product or service" derived information

Accounting Services

Fringe benefit accounting and distributions

No

Information not gathered "to obtain," "resulting from a transaction involving" or "in connection with providing" a defined financial product or service. See § 313.3(o)(1)

Academic Health Center

Payment information/ credit card information from recipients of health services

No

(same as above)

Alumni Association

Provide vendor with names of alumni to solicit for affinity credit cards. Alumni apply directly to the vendors, who maintain all application and related data.

Probably Not

Credit cards are a "financial product or service" under Reg Y. See 12 C.F.R. § 225.28(b)(2); Vendor may be a "service provider." §314.2(d) says "service provider" if entity given access to covered data "through its provision of services directly to" a covered entity. Issue is whether credit card company provides "direct services" to the covered entity by paying for a customer list to promote an affinity card, and whether money institution makes through use of card is a "direct benefit."

However, even if service provider, likely not covered unless list of names is derived using "personally identifiable financial information that is not publicly available." List of graduates or those who attended likely not derivative of or connected to covered data. (§313.3(n)).

Alumni Association

Use of Alumni names to sell to insurance companies to market life insurance

Probably not

Same analysis as above. Some types of insurance (e.g. credit insurance) are a "financial product or service" under Reg. 12 CFR 225.28 (b) (11)

Alumni Association

Credit card and other information provided with gifts, or to pay for services offered by association

No

Payment not for a "financial product or service"

Athletic Department

Student financial information included on various athletic compliance forms

Yes

Information gathered in connection with student loans; derivative.

Athletics

Personal information included to purchase health insurance for student athletes

No

Health insurance is not a "financial product or service"

Athletics

Rent facilities for use; receive credit card and other payment information

No

Rental of facilities not a "financial product or service"

Student Health Clinic

Access to personal information provided in connection with serving as the plan administrator for student health benefit plan

No

Plan is not a "financial product or service"

Student Health Clinic

Financial information associated with deferred payment plan

Usually Not

Likely not covered unless routinely charge interest. See § 313.3(k)(4) (not a "financial institution" if occasional ‘lay away’ and deferred payment plans).

Facilities

Financial information for individual rental of facilities

No

Not "financial product or service"

Select Colleges

Emergency Loans to Students

Yes

"financial product or service" related information

Human Resources

Obtaining information to transfer retirement plan withholdings

No

Information not gathered "to obtain," "resulting from a transaction involving" or "in connection with providing" a defined financial product or service offered by the institution. See § 313.3(o)(1)

Human Resources

Information relating to individual employees’ retirement/benefit plans

No

Same as above

Human Resources

University administered loans to employees (faculty mortgage, emergency loans, etc)

Yes

"financial product or service"

U Card

Student U Card for credit account with University

Very Complicated Area

Depends upon individual facts and circumstances*

Probably not a "financial product" if merely a conduit for student to prepay for goods and services from University, and "buy down" by using card. No extension of credit. See § 313.3(k)(4) (not a "financial institution" if occasional ‘lay away’ and deferred payment plans).

U Card

Obtain banking documents/information to assist students in setting up checking account with outside vendor when setting up U card

Probably not

Issue is whether vendor bank is providing services "directly" to the institution through this arrangement. Note: if the institution does not actually collect any information, you avoid the obligation to protect it: consider having vendor obtain this information directly.

Student Finance

Financial Aid Application, tax returns of parents,

Yes

Derivative of/connected with financial product or service

Student Finance

Loan Collections

Yes

(see also service provider discussion). Note may be a different result if the delinquent loan sold to a collection agency and the institution retains no further interest or control. In this case, the information is not in the institution’s custody, and since the loan is sold, the collection agency is not acting on the institution’s behalf in doing the collection.

Various Colleges, clinics, others

Deferred payment plans

No

Simply allowing someone to "run a tab" or allowing deferred payment plans are not "financial products or services." §313.3(k)(4).

Various

Repayment plans routinely charging interest

Probably

Hard to characterize required interest payments as a "tab" or "deferred payment"; if routine, may look more like a credit/income transaction. Open question.

Various

Cashing checks for students or faculty

Probably Not

Not likely a "financial product or service" if no fee charged. Possible it might be covered if fee charged. Compare §313.3 (k)(2)(vii) ("[a] check cashing business is a financial institution"). Note, even if covered, creates little ongoing burden, as institution should not retain any "personal financial information" once checks cleared. See also endnote 1.

Various

Laptop lease program in which customer information gathered (laptops made available to students for fee through lease agreement between institution and vendor)

Depends

Such leases may be construed to be "nonoperating"—see 12 C.F.R § 225.28(b)(3)(i).

Service Providers—Collection agency

Financial information for delinquent accounts

Depends

Not a service provider if the loan is sold for a fixed amount; is a service provider if institution retains some interest in the collection. See above