OCC 2004-4
OCC Bulletin

Subject:      Privacy
Description:  Advance Notice of Proposed Rulemaking
 
Date:         January 13, 2004

TO:  Chief Executive Officers of All National Banks, Department and 
     Division Heads, All Examining Personnel, and Other Interested Parties

The Comptroller of the Currency (OCC), along with the Office of Thrift 
Supervision, Federal Reserve Board, Federal Deposit Insurance Corporation, 
National Credit Union Administration, Federal Trade Commission, Commodity 
Futures Trading Commission, and the Securities Exchange Commission (the 
agencies), has issued an interagency advance notice of proposed 
rulemaking (ANPR) requesting public comment on ways to improve the 
privacy notices that financial institutions provide to consumers under 
the Gramm–Leach–Bliley Act (GLBA).  The notice was published in the 
Federal Register on December 30, 2003.  The comment period will end on 
March 29, 2004.

Specifically, the ANPR requests comments on whether the agencies should 
pursue the development of a short, simplified, privacy notice that would 
be easier for consumers to understand and that notes that the agencies 
are considering the development of a range of alternative proposals for 
public comment.  In order to illustrate this type of short notice and to 
spur specific suggestions for additional ideas that the agencies should 
consider, the ANPR describes four potential alternatives and illustrates 
these alternatives in appendixes to the ANPR.  

The ANPR specifically invites comment on the advantages and disadvantages 
of these approaches and comment on any other approach that the agencies 
should consider.  In particular, the ANPR requests comment on specific 
questions relating to the goals of a privacy notice; the elements, 
language, and format of a privacy notice; mandatory or permissible 
aspects of a privacy notice, including whether a short notice can be a 
substitute for, or should be a supplement to, a longer, more detailed 
notice; and the costs and benefits of a short notice.  The ANPR also 
requests commenters to provide sample privacy notices that work well with 
consumers, and the results and supporting research or documentation of 
any related consumer testing that has been done.  In addition, the ANPR 
asks what processes or tests the agencies should use to evaluate 
standardized terms, formats for notices, and short notices.  

For further information, contact Amy Friend, assistant chief counsel at 
(202) 874-5200; Paul Utterback, NBE, compliance specialist at 
(202) 874-5461; or Heidi M. Thomas, special counsel, Legislative and 
Regulatory Activities Division at (202) 874-5090.


_____________________________________
Julie L. Williams
First Senior Deputy Comptroller and Chief Counsel

Attachment:  68 FR 75164  
             [http://www.occ.treas.gov/fr/fedregister/68fr75164.pdf]