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CFTC RIN: 3038-AC04 Publication ID: Spring 2007 
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, which include eight Federal regulators 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. The Financial Services Regulatory Relief Act of 2006 amended the GLB Act, requiring the agencies to propose a model form to consumers. This so-called "safe harbor" model form is set forth in the joint NPRM issued by the GLB Act agencies in March. The NPRM seeks comment on the content and form of the form, among other matters. The NPRM was developed jointly by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission and the CFTC. The comments will be considered by all the GLB Act agencies before adopting a final rule. 
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: No  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  03/29/2007  72 FR 14939   
NPRM Comment Period End  05/29/2007    
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