Academic journal article Federal Reserve Bulletin

Public Comment Sought on Ways to Improve Privacy Notices

Academic journal article Federal Reserve Bulletin

Public Comment Sought on Ways to Improve Privacy Notices

Article excerpt

Eight federal regulators, on December 23, 2003, announced an advance notice of proposed rulemaking (ANPR) requesting public comment on ways to improve the privacy notices that financial institutions provide to consumers under the Gramm-Leach-Bliley Act (GLB Act).

The ANPR describes various approaches that the agencies could pursue to allow or require financial institutions to provide alternative types of privacy notices that would be more readable and useful to consumers. It also seeks comment on whether differences between federal and state laws pose any special issues for developing a short privacy notice.

Section 503 of the GLB Act requires financial institutions to provide a notice to each customer that describes the institution's policies and practices regarding the disclosure to third parties of nonpublic personal information. In 2000, the agencies published consistent final regulations that implement these provisions, including sample clauses that institutions may use in privacy notices. However, the regulations do not prescribe any specific format or standardized wording for privacy notices. …

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