Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
INACTIVE
This page is no longer active. Its content has expired or been rescinded by the FDIC.

Privacy of Consumer Financial Information Proposed Model Privacy Form

Consumer Protection
April 16, 2007
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
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