Revised model privacy form coming

Oct. 15, 2009 – A model privacy form that credit unions, banks and thrifts can distribute to satisfy notice requirements of the Gramm-Leach-Bliley Act is nearing final action by federal regulators, including NCUA.

The form is called for under the 2006 regulatory relief act, which also established credit unions’ authority to cash checks, sell monetary instruments and perform fund transfers for anyone within their fields of membership.

As proposed in 2007, use of the model privacy form would constitute compliance with the notice content requirements of the GLB Act. The act governs how institutions may and may not share consumers’ personal and sensitive financial information with third parties, and it requires that notices be provided yearly.

The FDIC Board is scheduled to act on the final interagency form in its Oct. 20 open meeting. The NCUA Board holds its next open meeting Oct. 22.