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Fair, Isaac Offers Lenders and Brokers Clear Explanations of FICO Scores

National Mortgage Professional
Nov 19, 2001

FDIC Creates Privacy Rule HandbookMortgagePress.comprivacy, Federal Deposit Insurance Corporation, FDIC, Gramm-Leach-Bliley Act of 1999 The Federal Deposit Insurance Corporation has released a Privacy Rule Handbook to help banks comply with new consumer privacy protection requirements that will become effective Sunday, Jul. 1. "The Privacy Rule Handbook will help banks, particularly smaller banks, meet their obligations under the privacy rule, and carry on the long tradition of serving the public well," says FDIC Chair Donna Tanoue. The new protections for consumers were established by the Gramm-Leach-Bliley Act of 1999. The FDIC and other federal financial institution supervisory agencies issued a final privacy regulation in 2000. Although the final regulation was effective as of Nov. 13, 2000, compliance will become mandatory as of Jul. 1. The regulations require financial institutions to issue privacy notices and provide consumers with an opportunity to stop or "opt-out" of sharing personal information. The Handbook explains the requirements of the privacy regulation, provides suggestions for reaching the Jul. 1 deadline for issuing privacy notices and suggests activities to monitor and maintain compliance. In addition, the Handbook explains key terminology and lists helpful resources. The Privacy Rule Handbook will be mailed to all FDIC-supervised institutions. The Handbook is also available as an attachment to Financial Institution Letter-3-2001 on the FDIC's Web site at www.fdic.gov/news/news/financial/2001/index.html.
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