Joint Release
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 November 17, 2009
Federal Regulators Issue Final Model Privacy Notice Form
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.
Attachments
Final Model Privacy Notice Form - PDF 35 MB (PDF Help)
Privacy Model Form – Opt out (PDF Help)
Privacy Model Form - No Opt Out (PDF Help)
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 November 17, 2009
Federal Regulators Issue Final Model Privacy Notice Form
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.
Attachments
Final Model Privacy Notice Form - PDF 35 MB (PDF Help)
Privacy Model Form – Opt out (PDF Help)
Privacy Model Form - No Opt Out (PDF Help)
Media Contacts:
CFTC Scott Schneider (202) 418-5080
FDIC David Barr (202) 898-6992
Federal Reserve Susan Stawick (202) 452-2955
FTC Frank Dorman (202) 326-2674
NCUA Cherie Umbel (703) 518-6337
OCC Dean DeBuck (202) 874-5770
OTS William Ruberry (202) 906-6677
SEC John J. Nester (202) 551-4120
FDIC: PR-209-2009
CFTC Scott Schneider (202) 418-5080
FDIC David Barr (202) 898-6992
Federal Reserve Susan Stawick (202) 452-2955
FTC Frank Dorman (202) 326-2674
NCUA Cherie Umbel (703) 518-6337
OCC Dean DeBuck (202) 874-5770
OTS William Ruberry (202) 906-6677
SEC John J. Nester (202) 551-4120
FDIC: PR-209-2009