Federal Agencies Issue Proposed Rule on
GLB Act Model Privacy Form

Bricker & Eckler LLP
April 2007

On March 29, 2007, several federal agencies released proposed regulations to provide that a safe harbor model privacy form that financial institutions may use to provide disclosures under the privacy provisions of the Gramm-Leach-Bliley Act.

The rules come in response to the Regulatory Relief Act from October 2006, in which Congress directed the agencies to develop a model form that consumers can readily understand and that provides clear and conspicuous disclosures. Agencies sponsoring the proposed regulations included the Office of the Comptroller of the Currency; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Office of Thrift Supervision; National Credit Union Administration; Federal Trade Commission; Commodity Futures Trading Commission; and Securities and Exchange Commission.

Comments on the proposed rules may be submitted until May 29, 2007.

Full text of the proposed regulations

For more information on the proposed rules, contact Faith Williams or Jeffery Smith