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Joint Release Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision

Agencies Propose Consistent Consumer Protection Rules
For Affiliate Information Sharing Practices

October 20, 2000

WASHINGTON -- The federal bank and thrift regulatory agencies (the Agencies) today proposed rules to implement the Fair Credit Reporting Act's (FCRA) notice and opt-out provisions governing the sharing of information among financial institution affiliates.

The rules, proposed by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision, explain how to comply with affiliate sharing provisions of the FCRA that have been in place since 1996. Comments are due by December 4, 2000.

The Gramm-Leach Bliley Act (GLBA) restored the Agencies' authority to conduct regular examinations for compliance with the FCRA. In addition, the GLBA authorized the Agencies to issue joint rules implementing the FCRA.

The Agencies minimized the compliance burden on banks and thrifts by making the proposed rules for notice and opt-out provisions generally consistent with recently adopted privacy regulations that were required under the GLBA. The proposed rules apply to any institution that wants to share consumer information, other than transaction or experience information, with its affiliates, but does not wish to be considered a consumer reporting agency. The consumer information subject to the rule must bear on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living. An institution intending to share this information with affiliates without becoming a consumer reporting agency must first provide consumers with a notice advising them of their right to opt out of this information sharing, as well as a reasonable opportunity and convenient means to exercise this right.

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Media Contacts:
Federal Reserve: Rose Pianalto (202) 452-2955 OCC: Bob Garsson (202) 874-5770
FDIC: Rosemary George (202) 898-6530 OTS: Bill Fulwider (202) 906-6913

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,101 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet via the World Wide Web at and may also be obtained through the FDIC's Public Information Center (800-276-6003 or ((703) 562-2200)

Last Updated 10/20/2000

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