[Gholloway]

Does anyone think there would be a regulatory issue with collecting gender and income information at the time a deposit account is opened. I’m pretty sure there wouldn’t be an issue with income, but I’m having some doubts when it comes to collecting gender….

Thank you

Topic

[rcooper]

Collecting gender on a deposit account might not cause a problem, but I think it certainly could, especially in today’s regulatory environment. For that reason I would avoid the practice. There aren’t specific rules for collecting or prohibiting collection of demographics associated with deposit accounts as there are for loans, but if you have an overdraft product – which most banks do – that is one area where it could create a problem. I can’t see how it would be worth the risk.

[Author]

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