Eight federal regulatory agencies are seeking comment on a model privacy form that financial institutions can use to satisfy consumer privacy notice requirements of the Gramm-Leach-Bliley Act. The notice of proposed rulemaking (NPR) was drafted jointly by the Federal Reserve, the Commodities Futures Trading Commission, the FDIC, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the SEC.
The privacy notices must describe an institution’s information-sharing practices and the consumer’s right to opt out of certain types of information sharing. The notices must be provided when a consumer first becomes a customer of a financial institution and annually for as long as the customer relationship lasts.
The NPR is available at www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-716.pdf . Comments are due May 29.