Federal Regulatory Agencies Propose Model Forms for Privacy Notices to Consumers Under Gramm-Leach-Bliley Act

May 01, 2007

Eight federal regulators (the "Agencies") recently issued a notice of proposed rulemaking soliciting comment on a model privacy form (the "MPF") that financial institutions can use for their privacy notices to consumers, as required under the Gramm-Leach-Bliley Act (the "Act"). Under the Act, when a consumer becomes a customer of any financial institution, the institution must provide that consumer with a notice describing its consumer information sharing policies and practices and the consumer's rights to direct the financial institution not to share certain information.

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