The federal banking agencies and other federal regulatory agencies, including the FTC, published final amendments to their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act. The rules require financial institutions to provide initial and annual privacy notices to their customers. The amendments adopt a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. The rule is generally effective 30 days after publication in the Federal Register, with certain provisions effective January 1, 2012. Click here for the rule which includes the new model privacy form.
Alert November 17, 2009