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Financial Institution Letter

Privacy of Consumer Financial Information Proposed Model Privacy Form

April 16, 2007
Notes
 
Summary: The FDIC, the other federal financial institution regulatory agencies, the Securities and Exchange Commission, the Federal Trade Commission, and the Commodity Futures Trading Commission (the agencies) have jointly published the attached Notice of Proposed Rulemaking (NPR) seeking comment on a model privacy form that financial institutions could use to satisfy the privacy notice requirements of the Gramm-Leach-Bliley Act (GLBA). The proposed privacy form would also provide consumers with the opportunity to limit certain information-sharing practices, as permitted by the GLBA and the Fair Credit Reporting Act. Comments on the proposed rule are due by May 29, 2007.

Highlights:

  • The Financial Services Regulatory Relief Act of 2006 (FSRRA) required the agencies to propose a model form that is succinct and comprehensible to consumers, allows consumers to easily compare financial institutions' privacy practices, and is in an easily readable type font.
  • The proposed model notice, developed through consumer research, meets the requirements of the FSRRA.
  • The model notice would provide a compliance "safe harbor" for institutions that choose to use it when it is finalized.
  • The attached NPR seeks comment on a variety of issues related to the model notice, including a proposed phase-out period for the sample notice clauses that were originally published in Appendix A of Part 332 of the FDIC's rules and regulations on June 1, 2000.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
Compliance Officer

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2007/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center (1-877-275-3342 or 703-562- 2200).



Additional Related Topics:

  • FDIC Part 332 - Privacy of Consumer Financial
  • Information
FIL-34-2007
Attachment(s)
"Interagency Proposal for Model Privacy Form under the Gramm-Leach-Bliley Act," published in the Federal Register on March 29, 2007 - PDF 3,663k
Editorial corrections to the March 29, 2007, published proposal

Last Updated: April 16, 2007