Which of these entities would be considered affiliates under the common ownership rule?

Entities that are considered affiliates under the common ownership rule are those that have a parent-subsidiary relationship or a similar type of ownership connection. In this context, a financial institution and its subsidiaries fit this definition effectively. The primary financial institution usually has control over its subsidiaries, which are directly owned and operated under the same corporate umbrella. This common ownership structure enables the sharing of resources, information management, and compliance responsibilities under privacy regulations.

In contrast, the other entities listed do not share that direct ownership structure. Two unrelated financial firms do not have any shared ownership, a bank and its credit union might operate independently under distinct regulatory frameworks without direct ownership ties, and a brokerage firm and an insurance company typically function as separate entities without an ownership relationship. Therefore, only a financial institution and its subsidiaries align with the criteria that define affiliates under the common ownership rule.