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Model privacy form unveiled by regulators
WASHINGTON (11/18/09) -- Eight federal financial regulators, including the National Credit Union Administration (NCUA), released a final model privacy notice form intended to make it easier for consumers to understand how financial institutions collect and share information about consumers. Development of a simpler privacy form was required under 2006 amendment to the Gramm-Leach-Bliley (GLB) Act, signed into law in 2000. Critics argued that the notices required under GLB were legalistic and difficult to understand for ordinary consumers. Credit unions, banks and thrifts are not required to use the new form released Tuesday. However, its use assures "safe harbor" compliance with regulatory disclosure requirements. The rule implementing the new form is effective 30 days after it is published in the Federal Register, which could occur later this week. However, the rule also allows for a transition period until Jan. 12, 2012, for dropping the sample clauses now included in the appendices of the agencies’ privacy rules. According to a joint-agency release, the agencies conducted extensive consumer research and testing to develop the newly released model form. The final model privacy form was developed jointly by the NCUA and the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Trade Commission, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Securities and Exchange Commission. Use the resource link to access the rule.
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