January 5, 2004 News Archive

Board Seeks Public Input on Improving Privacy Notices Under GLB Act
In a joint press release, eight federal regulators announced an advance notice of proposed rulemaking (ANPR) requesting public comment on ways to improve the privacy notices financial institutions provide to consumers under the Gramm-Leach-Bliley Act (GLB Act).

The ANPR details 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.

The agencies do not propose the adoption of any specific action at this time to improve privacy notices. Instead, the agencies request input on what approaches would be most useful to consumers while taking into consideration the burden on financial institutions.

Written comments may be submitted within 90 days of publication of the ANPR in the Federal Register, which is expected in early January.

Board Approves Proposed Rule to Amend Reg CC; Requests Comment
In a press release, the Board announced its approval of a proposed rule to amend Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act (Check 21 Act).

Comment on the proposed rule is requested by March 12, 2004.