Academic journal article Federal Reserve Bulletin

Approval of Final Regulations for Privacy of Consumer Financial Information

Academic journal article Federal Reserve Bulletin

Approval of Final Regulations for Privacy of Consumer Financial Information

Article excerpt

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision on May 10, 2000, approved the issuance of final regulations implementing the provisions of the Gramm-Leach-Bliley Act governing the privacy of consumer financial information.

The regulations resulted from an interagency effort. They impose three main requirements established by the act:

* Financial institutions must provide initial notices to customers about their privacy policies, describing the conditions under which they may disclose nonpublic personal information to non-affiliated third parties and affiliates. These notices must be accurate, clear, and conspicuous.

* Financial institutions must provide annual notices of their privacy policies to their current customers. These notices must be accurate, clear, and conspicuous.

* Financial institutions must provide a reasonable method for consumers to "opt out" of disclosures to non-affiliated third parties; that is, consumers must be given a reasonable opportunity to "opt out" and a reasonable means to do so. …

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