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FTC

RIN: 3084-AA97

Publication ID: Spring 2009

Title: Privacy of Consumer Financial Information
Abstract: This rulemaking is related to RIN 3084-AA85. In 2000, the Commission, the banking agencies, and the Securities and Exchange Commission published rules (Privacy Rules) for the Gramm-Leach-Bliley Act (GLB Act) requirement that financial institutions provide a notice of its privacy policies and practices to its customers. The Privacy Rule does not specify any format or standardized wording for these notices. In response to concerns expressed by representatives of financial institutions, consumers, privacy advocates, and Members of Congress, the agencies conducted a workshop in December 2001 to consider how financial institutions could provide more useful privacy notices to consumers. Subsequently, the agencies published an advance notice of proposed rulemaking (ANPRM) and requested comments on a variety of subjects including the goals, elements, language, costs and benefits, and permissible aspects of alternative privacy notices (68 FR 75164; Dec. 30, 2003). The comment period ended on March 29, 2004. Six of these agencies (seven as of April 2006) thereafter funded consumer research and testing to inform the development of alternative privacy notices that are easier for consumers to understand and use. As directed by section 728 of the Financial Services Relief Act of 2006, Public Law No. 109-351, which added section 503(e) to the GLB Act, the Commission, together with seven other Federal agencies (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission, and the Commodity Futures Trading Commission), must propose a model form that may be used at the option of financial institutions for the privacy notices required under GLB within 280 days after enactment, or by April 11, 2007. On March 29, 2007, the agencies published an NPRM proposing a model form of the prototype privacy notice developed during the consumer research testing project undertaken by first six, then seven, of these agencies. (72 FR 14940) Errata were published in the Federal Register on April 5, 2007, 72 FR 16875. The comment period ended on May 29, 2007. Staff of the agencies are reviewing the comments and expect the agencies to act by summer 2009.
Agency: Federal Trade Commission(FTC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 16 CFR 313
Legal Authority: 15 USC 6801 et seq

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Public Workshop	12/04/2001
ANPRM	12/30/2003	68 FR 75164
ANPRM Comment Period End	03/29/2004
NPRM	03/29/2007	72 FR 14940
Errata	04/05/2007	72 FR 16875
NPRM Comment Period End	05/29/2007
Agency Action	08/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
RIN Information URL: www.regulations.gov/AGCY_FEDERALTRADECOMMISSION.cfm	Public Comment URL: www.regulations.gov/AGCY_FEDERALTRADECOMMISSION.CFM
RIN Data Printed in the FR: No
Related RINs: Related to 3084-AA85, Related to 3064-AC77, Related to 1550-AB86	Related Agencies: Joint: SEC, FDIC, CFTC, NCUA, TREAS/OCC, TREAS/OTS, FRS;
Agency Contact: Loretta Garrison Senior Attorney Federal Trade Commission Bureau of Consumer Protection, 600 Pennsylvania Avenue NW, Washington, DC 20580 Phone:202 326-3043 Email: lgarrison@ftc.gov