FEDERAL BANKING AGENCIES ALLOW PRIVACY NOTICES UNDER EXISTING FAIR CREDIT REPORTING ACT.Federal banking agencies announced on March 14, 2001, that any final Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. [1968]), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a (FRCA) rule will not require depository institutions to revise Gramm-Leach-Bliley (GLB) Act privacy notices prepared in accordance with existing FCRA law and delivered to consumers before January 2002. The agencies will provide guidance on any final FCRA rule concerning the effect that new requirements imposed in the rule will have on notices sent after January 1, 2002. The agencies indicated in a Federal Register notice that institutions should not delay delivering their privacy notices in anticipation of a final FCRA rule. The Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. jointly issued the notice. The agencies believe that financial institution customers will benefit by receiving GLB Act privacy notices that accurately describe their institution's information practices before the mandatory GLB Act privacy compliance date, July 1, 2001. In the absence of a final FCRA rule, financial institutions providing GLB Act privacy notices should comply with the FCRA statute when preparing the FCRA portion of their privacy notices. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion