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