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Dugan Covington & Burling for Financial Services Coordinating Council December 4, 2001F(FH'(0'Financial Services Coordinating Council((0(American Bankers Association American Council of Life Insurers American Insurance Association Investment Company Institute Securities Industry Association Large and Small Banks, Insurance Companies, Securities Firms, and Mutual Funds Customers in Nearly Every American Household`ZZZ}Z}Overview BIndustry Commitment to Improved Notices Industry Experience with GLB Notices Impediments to Simplicity Notices Working Group Caveats Initial Focus of Working Group "x*Industry Commitment to Improved Notices +*0 Industry Committed to Improving Usefulness of Notices for Consumers More Direct Work with Consumers (Focus Groups) More Interaction with Regulators.D@F/@2! Industry Experience 0 40,000 Financial Institutions  Guinea Pigs for Mandated Notices First time for regulators to write detailed regulations First time for an industry to comply Massive Compliance Effort Billions of Dollars - Billions of Notices Very Few Consumer ComplaintstA^*A^* Industry Experience 0 PDifficult Process, Especially First Time Given Regulatory Constraints, Generally Pleased with Results Most Notices  Clear and Conspicuous But a Number of Issues Raised,)=nC Impediments to Simplicity 0 (Required Details Made Notices Long Required  Legalese E.g.,  Nonpublic personal information Problems with Sample Clauses Fear of Legal Liability`#n)n5##5 Notices Working Group0 Experts from Banking, Insurance, Securities Firms Interaction and Cooperation with Regulators First Meeting in January Ongoing Process: Regular Meetings Periodic Recommendations.**   Caveats  0 No  One Size Fits All One Standard Can Stifle Competition and Innovation in Notice Design History Shows Improvements Take Time Industry Can t Make Significant Changes Without Regulator Acceptance HPxDZ%PEZ  Initial Focus of Working Group &!0 tSimplified Terminology Limit  legalese Consumer Focus Group Testing Common Reference Materials/Definitions Explore Simplified, More Standardized  Short Form Notice Costs and benefits~pP( p2(p2(2'@2;@D; 1Interagency Workshop on Financial Privacy Notices2P2_ John C. Dugan Covington & Burling for Financial Services Coordinating Council December 4, 2001F(FH'(0/4   ` ` ̙33` 333MMM` ff3333f` f` f` 3>?" dd@,?Pd@  d " @ ` n?" dd@   @@``PR    @ ` ` p>> (    6 P   T Click to edit Master title style! !  0T   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S$  0 00    vCopyright 2001 Covington and Burling. All rights reserved.<<   0 `   @*~B  Hf8c?"pN  6f޽h ? ̙33 Default Design 0 zr@ (    0pP P    P*    0W     R*  d  c $ ?    0\  @  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  6 c `P   P*    6pb `   R*  H  0޽h ? ̙33"  0 b(   ~  s *`P      c $4<$ 0  H  0޽h ?   `V(  x  c $HP   H   S <$ 0 H H  0޽h ? "   b(   ~  s *P      c $<$ 0  H  0޽h ? "  (b(  (~ ( s *$P     ( c $X$<$ 0 $ H ( 0޽h ? "  0b(  0~ 0 s *$P   $  0 c $ $<$ 0 $ H 0 0޽h ? "  8b(  8~ 8 s *,*$P   $  8 c $.$<$ 0 $ H 8 0޽h ? "  @b(  @~ @ s *:$P   $  @ c $4?$<$ 0 $ H @ 0޽h ? 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