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CFTC

RIN: 3038-AC04

Publication ID: Spring 2004

Title: Interagency Proposal To Consider Alternative Forms of Privacy Notices Under the Gramm-Leach-Bliley Act
Abstract: Subtitle A of the Gramm-Leach-Bliley Act (GLB Act), captioned Disclosure of Nonpublic Personal Information (15 U.S.C. 6801 et seq.), requires each financial institution to provide a notice of its privacy policies and practices to its consumer customers. In general, the privacy notices must describe a financial institution's policies and practices with respect to disclosing nonpublic personal information about a consumer to both affiliated and nonaffiliated third parties, and provide a consumer a reasonable opportunity to direct the institution not to share nonpublic personal information about the consumer with nonaffiliated third parties. The GLB Act agencies, including the CFTC, have published substantially identical regulations to implement GLB title V, known collectively as the "privacy rule." Many notices issued under the privacy rule were long and complex, and difficult to compare with each other. Consequently, GLB Act agencies are considering whether to amend the privacy rule to provide for simpler, more useful notices. The GLB Act agencies intend to issue an advance notice of proposed rulemaking to determine whether to propose changes to the privacy rule, and if so, will seek further public comment on specific programs. The agencies expect that consumer testing would be a key component in the development of any specific proposals.
Agency: Commodity Futures Trading Commission(CFTC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 17 CFR 160
Legal Authority: 7 USC 7b-2 7 USC 12a(5) 15 USC 6801 et seq

Legal Deadline: None

Timetable:

Action	Date	FR Cite
ANPRM	12/30/2003	68 FR 75164
ANPRM Comment Period End	03/29/2004
NPRM	09/00/2004

Regulatory Flexibility Analysis Required: No	Government Levels Affected: Federal
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
Agency Contact: Laura M. Richards Deputy General Counsel, Office of General Counsel Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone:202 418-5126 Fax:202 418-5524 Email: lrichards@cftc.gov David Jacobsohn Counsel, Office of General Counsel Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5161 Fax:202 418-5524 Email: djacobsohn@cftc.gov