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
Related Topics:
FDIC Part 332 - Privacy of Consumer Financial
Information
Attachments:
"Interagency Proposal for Model Privacy Form under the Gramm-Leach-Bliley Act," published in the Federal Register on March 29, 2007 - PDF 3,663k (PDF Help)
Editorial corrections to the March 29, 2007, published proposal - PDF 217k (PDF Help)
Contact:
David Lafleur, Senior Policy Analyst-Compliance
Section, at dlafleur@fdic.gov or 202.898.6569
Printable Format:
FIL-34-2007 - PDF 32k (PDF Help)
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at
www.fdic.gov/news/news/financial/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).
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