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| CFTC | RIN: 3038-AC04 | Publication ID: Spring 2008 |
| 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 notice to consumers. Use of the model notice will constitute a safe harbor for a financial institution's compliance with the notice requirements of the GLB Act. The model notice is set forth in the joint NPRM issued by the GLB Act agencies in March 2007. The NPRM sought 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 agencies are conducting further consumer research based on comments received. 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: Final 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 | |
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Legal Deadline:
None |
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Timetable:
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| Regulatory Flexibility Analysis Required: No | Government Levels Affected: Federal |
| Small Entities Affected: Businesses | Federalism: No |
| Included in the Regulatory Plan: No | |
| RIN Data Printed in the FR: No | |
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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 Gail B. Scott Counsel, Office of General Counsel Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone:202 418-5139 Fax:202 418-5524 Email: gscott@cftc.gov |
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