In 2009, eight US federal regulatory agencies released their final model privacy notice form to help financial institutions satisfy the disclosure requirements established by the Gramm-Leach-Bliley Act and help consumers understand how these institutions collect and share their information. Now, in an effort to make compliance easier, those agencies have released an Online Form Builder.
\r\nThe Online Form Builder is available with several options and instructions tol guide institutions to select the version of the model form that fits its practices, such as whether the institution provides an opt-out for consumers.
\r\nTo obtain a legal \"safe harbor\" and so satisfy the law's disclosure requirements, institutions must follow the instructions in the model form regulation when using the Online Form Builder.
\r\nThe model privacy form 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.
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