Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20429-9990
Financial Institution Letter
FIL-65-2009
November 17, 2009
Model Privacy Notice Form
Final Rule
Summary:
The FDIC and seven other federal agencies have released a final model privacy notice form that is designed to make it
easier for consumers to understand how financial institutions collect and share their personal information. Under the
Gramm-Leach-Bliley Act (GLBA), institutions must notify consumers of their information-sharing practices and inform
consumers of the right to opt out of certain sharing practices. The model form can be used by financial institutions to
comply with these requirements. Attached is the final rule on the final model privacy form.
Distribution:
FDIC-Supervised Institutions
Suggested Routing:
Compliance Officer
Related Topics:
Privacy of Consumer Financial Information
12 C.F.R. Part 332
Attachment:
Final Rule PDF - 35 MB (PDF Help)
Model Privacy Form - Opt Out (PDF Help)
Model Privacy Form - No Opt Out (PDF Help)
Contact:
Samuel Frumkin, Senior Policy Analyst, at (202) 898-
6602 or sfrumkin@fdic.gov; or Kimberly Stock, Counsel,
at (202) 898-3815 or kstock@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site
at http://www.fdic.gov/news/news/financial/2009/index.ht
ml.
To receive FILs electronically,
visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be
obtained via the FDIC's Public Information Center (1-
877-275-3342 or 703-562-2200).
Highlights:
• The model privacy form was developed jointly by the
FDIC, the Board of Governors of the Federal Reserve
System, the Commodity Futures Trading Commission,
the Federal Trade Commission, the National Credit
Union Administration, the Office of the Comptroller of
the Currency, the Office of Thrift Supervision, and the
U.S. Securities and Exchange Commission.
• The agencies conducted consumer testing to help
design a model privacy notice that makes the
disclosures easier for consumers to comprehend.
• Financial institutions that choose to provide the model
privacy form to their customers will be deemed in
compliance with the privacy provisions of GLBA.
• The Appendix to Part 332 of the FDIC's Rules and
Regulations currently contains model language (called
sample clauses) that institutions may use in their privacy
notices and, if so, they are deemed to be in compliance
with the privacy provisions of GLBA. The rule removes,
after a transition period, these sample clauses and the
associated compliance safe harbor. Thus, financial
institutions will not be able to rely on the safe harbor for
the sample clauses incorporated into notices that are
delivered to consumers on or after January 1, 2011. The
sample clauses will be removed entirely from Part 332
on January 1, 2012.
• To obtain a compliance safe harbor after the sample
clauses are removed, financial institutions may use the
new model privacy notice form.Inactive
550 17th Street NW, Washington, DC 20429-9990
Financial Institution Letter
FIL-65-2009
November 17, 2009
Model Privacy Notice Form
Final Rule
Summary:
The FDIC and seven other federal agencies have released a final model privacy notice form that is designed to make it
easier for consumers to understand how financial institutions collect and share their personal information. Under the
Gramm-Leach-Bliley Act (GLBA), institutions must notify consumers of their information-sharing practices and inform
consumers of the right to opt out of certain sharing practices. The model form can be used by financial institutions to
comply with these requirements. Attached is the final rule on the final model privacy form.
Distribution:
FDIC-Supervised Institutions
Suggested Routing:
Compliance Officer
Related Topics:
Privacy of Consumer Financial Information
12 C.F.R. Part 332
Attachment:
Final Rule PDF - 35 MB (PDF Help)
Model Privacy Form - Opt Out (PDF Help)
Model Privacy Form - No Opt Out (PDF Help)
Contact:
Samuel Frumkin, Senior Policy Analyst, at (202) 898-
6602 or sfrumkin@fdic.gov; or Kimberly Stock, Counsel,
at (202) 898-3815 or kstock@fdic.gov
Note:
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site
at http://www.fdic.gov/news/news/financial/2009/index.ht
ml.
To receive FILs electronically,
visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be
obtained via the FDIC's Public Information Center (1-
877-275-3342 or 703-562-2200).
Highlights:
• The model privacy form was developed jointly by the
FDIC, the Board of Governors of the Federal Reserve
System, the Commodity Futures Trading Commission,
the Federal Trade Commission, the National Credit
Union Administration, the Office of the Comptroller of
the Currency, the Office of Thrift Supervision, and the
U.S. Securities and Exchange Commission.
• The agencies conducted consumer testing to help
design a model privacy notice that makes the
disclosures easier for consumers to comprehend.
• Financial institutions that choose to provide the model
privacy form to their customers will be deemed in
compliance with the privacy provisions of GLBA.
• The Appendix to Part 332 of the FDIC's Rules and
Regulations currently contains model language (called
sample clauses) that institutions may use in their privacy
notices and, if so, they are deemed to be in compliance
with the privacy provisions of GLBA. The rule removes,
after a transition period, these sample clauses and the
associated compliance safe harbor. Thus, financial
institutions will not be able to rely on the safe harbor for
the sample clauses incorporated into notices that are
delivered to consumers on or after January 1, 2011. The
sample clauses will be removed entirely from Part 332
on January 1, 2012.
• To obtain a compliance safe harbor after the sample
clauses are removed, financial institutions may use the
new model privacy notice form.Inactive