Federal regulators today published a model privacy disclosure for use by financial institutions.
The Final Model Privacy Notice Form was released today by eight federal regulatory agencies. The form is expected to make it easier for consumers to understand how financial institutions collect and share information about them.
The eight agencies include the Board of Governors of the Federal Reserve System as well as the Federal Deposit Insurance Corporation, the Federal Trade Commission and the National Credit Union Administration.
Also among the regulators are the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Securities and Exchange Commission.
Today’s notice indicated that institutions are required to notify customers of information-sharing practices under the Gramm-Leach-Bliley Act as amended by the Financial Services Regulatory Relief Act of 2006. The firms are also required to inform consumers about their right to opt out of certain information sharing practices.
The amendment requires the agencies to provide a model form that enables prospective customers to easily compare the privacy practices of multiple institutions. It also requires easy-to-read font.
view Final Model Privacy Notice Form
