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Home > News & Events > Press Releases

Joint Press Release
November 17, 2009

Federal Regulators Issue Final Model Privacy
Notice Form
Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Federal Trade Commission
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
Securities and Exchange Commission
For immediate release
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Eight federal regulatory agencies today released a final model privacy
notice form that will make it easier for consumers to understand how
financial institutions collect and share information about consumers.
Under the Gramm-Leach-Bliley Act (GLB Act), institutions must notify
consumers of their information-sharing practices and inform consumers
of their right to opt out of certain sharing practices. The model form
issued today can be used by financial institutions to comply with these
requirements.
The Financial Services Regulatory Relief Act of 2006 amended the GLB
Act to require the agencies to propose a succinct and comprehensible
model form that allows consumers to easily compare the privacy

practices of different financial institutions, and has an easy-to-read font.
The agencies conducted extensive consumer research and testing in
developing the model form issued today. Then they solicited public
comments and considered those comments in developing a model form
that is easier for consumers to understand and use. The final rule
provides that a financial institution that chooses to use the model form
obtains a "safe harbor" and will satisfy the disclosure requirements for
notices. The rule also removes, after a transition period, the sample
clauses now included in the appendices of the agencies’ privacy rules.
The final model privacy form was developed jointly by the Board of
Governors of the Federal Reserve System, Commodity Futures Trading
Commission, Federal Deposit Insurance Corporation, Federal Trade
Commission, National Credit Union Administration, Office of the
Comptroller of the Currency, Office of Thrift Supervision, and Securities
and Exchange Commission.
A copy of the form and rule are attached.
Federal Register notice: HTML | 34.12 MB PDF

Media Contacts:
CFTC
FDIC
Federal Reserve
FTC
NCUA
OCC
OTS
SEC

Scott Schneider
David Barr
Susan Stawick
Frank Dorman
Cherie Umbel
Dean DeBuck
William Ruberry
John J. Nester

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202-452-2955
202-326-2181
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202-551-4120

Last Update: November 17, 2009

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