(a) Purpose. This part governs the treatment of nonpublic personal information about
consumers by the financial institutions listed in paragraph (b) of this section. This part:
(1) Requires a financial institution to provide notice to customers about its privacy policies and practices;
(2) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties; and
(3) Provides a method for consumers to prevent a financial institution from disclosing that information to most nonaffiliated third parties by “opting out” of that disclosure, subject to the exceptions in §§ 216.13, 216.14, and 216.15.
(b) Scope. This part applies only to nonpublic personal information about individuals
who obtain financial products or services primarily for personal, family, or household purposes
from the institutions listed below. This part does not apply to information about companies or
about individuals who obtain financial products or services for business, commercial, or
agricultural purposes. This part applies to the U. S. offices of entities for which the Board has
primary supervisory authority. They are referred to in this part as “you.” These are: State
member banks, bank holding companies and certain of their nonbank subsidiaries or affiliates,
State uninsured branches and agencies of foreign banks, commercial lending companies owned or
controlled by foreign banks, and Edge and Agreement corporations.
Nothing in this part modifies, limits, or supersedes the standards governing the privacy of
individually identifiable health information promulgated by the Secretary of Health and Human
Services under the authority of sections 262 and 264 of the Health Insurance Portability and
Accountability Act of 1996 (42 U.S.C. 1320d-1320d-8).
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