WASHINGTON — Following up on NCUA's approval of a model privacy disclosure form at its last monthly board meeting, the financial services regulators jointly released the proposed form.
The model form is intended to help financial institutions comply with the privacy notice requirements under the Gramm-Leach-Bliley Act. The Financial Services Regulatory Relief Act mandated a proposed form be out by next month.
NCUA explained at the last board meeting that the form is optional and is intended as a compliance "safe harbor" for credit unions and others required to disclose their information sharing practices. The notices explain the institution's information sharing practices and offer opt outs for certain sharing; they must be issued annually as long as the relationship lasts.
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The Federal Reserve Board, Community Futures Trading Commission, FDIC, Federal Trade Commission, NCUA, Office of the Comptroller of the Currency, Office of Thrift Supervision, and the Securities and Exchange Commission issued the release. The agencies are seeking comment on all aspects of the form for 60 days.
The proposed regulation is available online at http://www.ftc.gov/os/2007/03/P034815InteragencyProposalforModelPrivacy FormFRN.pdf.
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