Eight federal regulatory agencies announced the release of a final model privacy notice form. The model privacy form is designed to help consumers understand how their information is collected and shared by financial institutions. The model privacy form complies with the requirements for a financial institution to notify consumers of the institution’s information sharing practices and provide consumers with an opportunity to opt out of certain practices pursuant to the Gramm-Leach-Bliley (GLB) Act.
The model privacy form uses plain language in a user-friendly format. The agencies have developed a Model Privacy Form – Opt Out and a Model Privacy Form – No Opt Out.
The model privacy form was developed by:
- 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 GLB Model Privacy Form Rule is available here.