FDIC Federal Register Citations

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Federal Deposit Insurance Corporation (FDIC) Completed Actions

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4620. PRIVACY OF CONSUMER FINANCIAL INFORMATION

Priority: Substantive, Nonsignificant

Legal Authority: PL 106-102

CFR Citation: 12 CFR 332

Legal Deadline: Final, Statutory, May 12, 2000.

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Abstract: This rulemaking is sponsored jointly by the OCC, FRS, FDIC,
and the OTS. The rulemaking implements privacy rule reqirements
pursuant to section 504 of the Gramm-Leach-Bliley Act. Section 504
requires notice requirements and restrictions regarding a financial
institution's disclosures of nonpublic personal information about
consumers to nonaffiliated third parties. The rulemaking requires
financial institutions to provide their customers with a notice of
their privacy policies and practices, and prohibits institutions from
disclosing nonpublic personal information about consumers to
nonaffiliated third parties unless the institutions satisfy various
disclosure requirements and the consumer has not elected to opt out of
the disclosure.

Timetable:
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Action Date FR Cite

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NPRM 02/22/00 65 FR 8770
NPRM Comment Period End 03/31/00
Final Action 06/01/00 65 FR 35162
Final Action Effective 11/13/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: James Densmore, Regional Director, Division of
Compliance and Consumer Affairs, Federal Deposit Insurance Corporation,
San Francisco, CA 94105
Phone: