Confidentiality of state credit union information

1. The directors, officers, committee members, and employees of a state credit union shall hold in confidence all information regarding transactions of the state credit union, including information regarding transactions with its members and their personal affairs, except to the extent necessary in connection with any of the following: a. Making, extending, or collecting a loan or line of credit. b. Guaranteeing of member share drafts by third parties. c. Communicating with an insurance company for the purpose of facilitating the availability or continuation of the insurance or bond of the state credit union or the resolution of a claim, pursuant to section 533.308, subsection 3. d. Pursuant to a confidentiality agreement that is executed pursuant to section 533.108, subsection 1. e. Complying with the examination of credit union records by regulatory authorities. f. Compliance with an order from a court having jurisdiction over the state credit union. 2. The board of directors may authorize participation of a state credit union in a credit or consumer reporting agency if the board has determined that use of such an agency is essential in making and extending a loan or line of credit, or guaranteeing member share drafts, and that information supplied by the state credit union to such agency will be made available only to legitimate members of that agency having a legitimate business need for the information in connection with a business transaction involving the state credit union.