Federal Regulators Release Online Form Builder
Financial institutions can now use the Privacy Notice Online Form Builder to create customized versions of a model consumer privacy notice. The form builder, a joint effort of the Federal Reserve Board and other federal regulators, is based on the model form adopted by the federal agencies last year.
The forms are part of the process for complying with the Gramm-Leach-Bliley Act, which requires financial institutions to provide initial and annual privacy policies to their customers. Institutions using the Online Form Builder must follow the model's instructions in order to obtain a legal "safe harbor."
The form builder includes several options, which allows an institution to select the version of the model form that best fits its practices, such as whether the financial institution allows consumers to opt out or wants to include affiliate marketing. Because institutions are required to explain how they collect, share, and protect consumers' personal information, their forms will explain the different ways that they use this information. Federal laws give consumers the right to limit some—but not all—sharing of their personal information.
The Online Form Builder was developed jointly by the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Securities and Exchange Commission.
April 29, 2010