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7/25/24, 10:09 AM FRB: Press Release -- Interagency proposal to limit sharing of consumer data among financial affiliates -- October 20, 2000 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Office of Thrift Supervision FOR IMMEDIATE RELEASE October 20, 2000 Agencies Propose Consistent Consumer Protection Rules For Affiliate Information Sharing Practices 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. Media Contacts: Federal Reserve: Rose Pianalto (202) 452-2955 FDIC: Rosemary George (202) 898-6530 OCC: Bob Garsson (202) 874-5770 OTS: Bill Fulwider (202) 906-6913 Proposed rule (136 KB PDF) 2000 Banking and consumer regulatory policy https://www.federalreserve.gov/boarddocs/press/boardacts/2000/20001020/default.htm 1/2 7/25/24, 10:09 AM FRB: Press Release -- Interagency proposal to limit sharing of consumer data among financial affiliates -- October 20, 2000 Home | News and events Accessibility Last update: October 20, 2000 https://www.federalreserve.gov/boarddocs/press/boardacts/2000/20001020/default.htm 2/2