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FDIC Federal Register Citations

[Federal Register: June 1, 2000 (Volume 65, Number 106)]
[Rules and Regulations]
[Page 35161-35236]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01jn00-30]

[[Page 35161]]

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 40

[Docket No. 00-10]

RIN 1557-AB77

 

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

12 CFR Part 216

[Docket No. R-1058]

 

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 332

RIN 3064-AC32

 

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

12 CFR Part 573

[Docket No. 2000-45]

RIN 1550-AB36

Privacy of Consumer Financial Information

AGENCIES: Office of the Comptroller of the Currency (OCC), Treasury; Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and Office of Thrift Supervision (OTS), Treasury.

ACTION: Joint final rule.

SUMMARY: The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, (collectively, the Agencies) are publishing final privacy rules pursuant to section 504 of the Gramm-Leach-Bliley Act (the GLB Act or Act). Section 504 authorizes the Agencies to issue regulations as may be necessary to implement notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties. Pursuant to section 503 of the GLB Act, a financial institution must provide its customers with a notice of its privacy policies and practices. Section 502 prohibits a financial institution from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the institution satisfies various notice and opt-out requirements and the consumer has not elected to opt out of the disclosure. These final rules implement the requirements outlined above.

EFFECTIVE DATE: This joint rule is effective November 13, 2000. However, compliance will be optional until July 1, 2001.

FOR FURTHER INFORMATION CONTACT:

OCC: Amy Friend, Assistant Chief Counsel, (202) 874-5200; Jeffery Abrahamson, Attorney, Legislative and Regulatory Activities Division, (202) 874-5090, or Mark Tenhundfeld, Assistant Director, Legislative and Regulatory Activities Division, (202) 874-5090; Michael Bylsma, Director, Community and Consumer Law, (202) 874-5750; Steve Van Meter, Senior Attorney, Community and Consumer Law, (202) 874-5750; Karen Furst, Policy Analyst, Economic and Policy Analysis, (202) 874-4509; Paul Utterback, National Bank Examiner, Bank Supervision Policy, (202) 874-5461, Office of the Comptroller of the Currency, 250 E Street, SW, Washington, D.C. 20219.

Board: Oliver I. Ireland, Associate General Counsel, (202) 452-3625, Stephanie Martin, Managing Senior Counsel, (202) 452-3198, or Thomas Scanlon, Attorney, (202) 452-3594, Legal Division; or Adrienne D. Hurt, Assistant Director, (202) 452-2412, Jane J. Gell, Managing Counsel, (202) 452-3667, James H. Mann, Attorney, (202) 452-2412, or Minh-Duc T. Le, Attorney, (202) 452-3667, Division of Consumer and Community Affairs. For the hearing impaired only, contact Janice Simms, Telecommunications Device for the Deaf (TDD) (202) 872-4984, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, D.C. 20551.

FDIC: James K. Baebel, Senior Review Examiner, Division of Compliance and Consumer Affairs, (202) 736-0229; Deanna Caldwell, Community Affairs Officer, Division of Compliance and Consumer Affairs, (202) 736-0141; Robert A. Patrick, Counsel, Regulations and Legislation Section, (202) 898-3757; Marc J. Goldstrom, Counsel, Regulations and Legislation Section, (202) 898-8807; Marilyn E. Anderson, Senior Counsel, Regulations and Legislation Section, (202) 898-3522; Nancy Schucker Recchia, Counsel, Regulations and Legislation Section, (202) 898-8885, Federal Deposit Insurance Corporation, 550 17th Street, NW, Washington, D.C. 20429.

OTS: Christine Harrington, Counsel (Banking and Finance), (202) 906-7957, or Paul Robin, Assistant Chief Counsel, (202) 906-6648, Regulations and Legislation Division; or Cindy Baltierra, Program Analyst, Compliance Policy, (202) 906-6540, Office of Thrift Supervision, 1700 G Street, NW., Washington DC 20552.

SUPPLEMENTARY INFORMATION:

The contents of this preamble are listed in the following outline:

I. Background

II. Overview of Comments Received

III. Section-by-Section Analysis

IV. Guidance for Certain Institutions

V. Regulatory Analysis

A. Paperwork Reduction Act

B. Regulatory Flexibility Act

C. Executive Order 12866

D. Unfunded Mandates Act of 1995

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Last Updated 05/30/2000 supervision@fdic.gov