Highlights:
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The model privacy form was developed jointly by the FDIC, the Board of Governors
of the Federal Reserve System, the Commodity Futures Trading Commission, the
Federal Trade Commission, the National Credit Union Administration, the Office
of the Comptroller of the Currency, the Office of Thrift Supervision, and the
U.S. Securities and Exchange Commission.
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The agencies conducted consumer testing to help design a model privacy notice
that makes the disclosures easier for consumers to comprehend.
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Financial institutions that choose to provide the model privacy form to their
customers will be deemed in compliance with the privacy provisions of GLBA.
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The Appendix to Part 332 of the FDIC's Rules and Regulations currently contains
model language (called sample clauses) that institutions may use in their
privacy notices and, if so, they are deemed to be in compliance with the privacy
provisions of GLBA. The rule removes, after a transition period, these sample
clauses and the associated compliance safe harbor. Thus, financial institutions
will not be able to rely on the safe harbor for the sample clauses incorporated
into notices that are delivered to consumers on or after January 1, 2011. The
sample clauses will be removed entirely from Part 332 on January 1, 2012.
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To obtain a compliance safe harbor after the sample clauses are removed,
financial institutions may use the new model privacy notice form.
Distribution:
FDIC-Supervised Institutions
Suggested
Routing:
Compliance Officer
Related
Topics:
Privacy of Consumer Financial Information
12 C.F.R. Part 332
Attachment:
Final Rule PDF -
35 MB (PDF Help)
Model
Privacy Form - Opt Out (PDF Help)
Model
Privacy Form - No Opt Out (PDF Help)
Contact:
Samuel Frumkin, Senior Policy Analyst, at (202) 898-6602 or sfrumkin@fdic.gov; or Kimberly Stock,
Counsel, at (202) 898-3815 or kstock@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site
at http://www.fdic.gov/news/news/financial/2009/index.html.
To receive FILs electronically, visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained via the FDIC's
Public Information Center (1-877-275-3342 or 703-562-2200).
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