March 26, 2007
Federal Regulators Seek Public Comment on Model Privacy Notice
Eight federal regulators released a notice of proposed rulemaking (NPR) requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers required by the Gramm-Leach-Bliley Act (GLB Act). The NPR seeks comment on all aspects of the model form, including its content and format and whether it provides sufficient flexibility for financial institutions to disclose their sharing practices accurately. Written comments on the proposed rule amendments may be submitted within 60 days after their publication in the Federal Register, which is expected in late March.