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Alabama industry appointments update - 6/1/2007

National Mortgage Professional
Jun 01, 2007

Federal regulators seek public comment on model privacy noticeMortgagePress.comGramm-Leach-Bliley Act, consumers privacy notices, information-sharing practices Eight federal regulators released a notice of proposed rulemaking requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers as required under the Gramm-Leach-Bliley Act (GLB Act). Among other things, the act requires financial institutions to give consumers privacy notices that explain the financial institution's information-sharing practices. Financial institutions include companies that offer financial products and services to consumers. At the time of establishing a customer relationship with a consumer, and not less than annually during the continuation of such relationship, the institution is required to provide a clear and conspicuous disclosure in writing or electronic form of the institution's information-sharing policies and practices. The privacy notices must describe the institution's information-sharing practices, and, for certain types of sharing, consumers have the right to opt out. Institutions that use notices based on the sample clauses currently contained in most of the privacy rules would lose the benefit of a safe harbor for compliance with respect to those notices if they are provided more than one year following the date of publication of a final rule. Similarly, institutions that use notices based on the sample clauses in the Securities and Exchange Commission's privacy rule could no longer rely on the guidance provided with respect to those notices if they are provided more than one year following the date of publication of a final rule. Written comments on the proposed rule amendments may be submitted within 60 days after their publication in the Federal Register. For more information, visit www.ftc.gov.
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