PROPOSED ACTION.The Federal Reserve Board on February 3, 2000, voted to request comment on a new regulation implementing the privacy provisions of the Gramm-Leach-Bliley Act. Regulation P (Privacy of Consumer Financial Information) would apply to institutions regulated by the Board, including bank holding companies, financial holding companies, state-chartered banks that are members of the Federal Reserve System, and uninsured state-chartered U.S. offices and branches of foreign banks. Comments are requested by March 31, 2000. The proposed rule is a result of an interagency effort by the Board, 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. (OCC), 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. (FDIC), 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. (OTS), the National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. , the Department of the Treasury, the Securities and Exchange Commission, and the Federal Trade Commission. The agencies also consulted with the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. . On February 22, 2000, the Board, the FDIC, the OCC, and the OTS jointly published the proposed regulation in the Federal Register. The proposed rule pertains to all institutions regulated by the four federal agencies. |
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