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#1315002 - 12/29/09 11:45 PM Model Privacy Form
Random Offline
Gold Star
Joined: Jun 2008
Posts: 287
I am unclear when banks have to begin using the model privacy form? Is it 2011? Is anyone going to use it in 2010?

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#1315146 - 12/30/09 03:10 PM Re: Model Privacy Form Random
Gotwood Offline
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Joined: May 2001
Posts: 715
Use of the modely privacy form is not required.

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#1315850 - 12/30/09 10:11 PM Re: Model Privacy Form Gotwood
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Gotwood is right, but why wouldn't you use it? You're only asking for a high level of scrutiny at every exam.

Back to the original question: 1/2011.
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http://www.bankerscompliance.com

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#1350234 - 02/27/10 12:35 PM Re: Model Privacy Form David Dickinson
wanted Offline
Member
wanted
Joined: Oct 2001
Posts: 99
United States
The bank does the annual mailing every June. Can we use our current privacy notice June 2010 and wait til June 2011 to use the model privacy notice?

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#1350240 - 02/27/10 01:23 PM Re: Model Privacy Form wanted
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,222
Galveston, TX
Yes - you can begin delivering the new privacy model disclosure to new customers on 01/01/11 and then send it in your annual mailing in June 2011.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1350388 - 03/01/10 03:39 PM Re: Model Privacy Form wanted
Ted Dreyer Offline
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Ted Dreyer
Joined: Apr 2001
Posts: 2,245
If you wait until June 2011 to use the new model, the old disclosures that you give to new customers after January 1 will not have the safe harbor for compliance.

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#1350438 - 03/01/10 04:38 PM Re: Model Privacy Form Ted Dreyer
RR Joker Offline
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RR Joker
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Posts: 20,654
The Swamp
My objection to the model form is the length. I still haven't sold myself on the idea of using it.
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#1352763 - 03/04/10 10:08 PM Re: Model Privacy Form RR Joker
ksm Offline
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ksm
Joined: May 2003
Posts: 302
Midwest
It is my understanding the new notice can not be mailed with other items, if I send our old notice this year can I send it with other disclosures?

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#1352857 - 03/04/10 11:24 PM Re: Model Privacy Form ksm
Ted Dreyer Offline
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Ted Dreyer
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Posts: 2,245
I'm not sure where you are getting the idea that the new form can't be mailed with other items.

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#1352878 - 03/05/10 01:45 AM Re: Model Privacy Form Ted Dreyer
rlcarey Online
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rlcarey
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Posts: 83,222
Galveston, TX
Did I miss something - where is this requirement in the regulation that it has to be segregated??
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#1353156 - 03/05/10 05:15 PM Re: Model Privacy Form rlcarey
Ted Dreyer Offline
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Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Randy: You didn't miss anything, there is no limit like that. I think the uncertainty came from the way the proposed rule read back in 2007. The requirements for not adding other information were so stringent that my comment letter, as well as a number of other comment letters, asked the regulators to clarify whether the model form could be included in a document with other information or included in a mailing with other information.

As a result, the final rule clarifies (on page 62898 of the Federal Register version) that the form may be included with other information as long as it is still clear and conspicuous, intact, and with the page orientation, content, format and order specified in the rule.

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#1363402 - 03/24/10 08:51 PM Re: Model Privacy Form Ted Dreyer
FBH Offline
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FBH
Joined: Apr 2007
Posts: 2,649
The Land of Tax Free Shopping!
I hate to be the lazy one here, but is there an electronic version of each of the form variants that can be downloaded and customized by the institution?
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#1366199 - 03/30/10 03:50 PM Re: Model Privacy Form FBH
DD Regs Offline
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DD Regs
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
Don't mind at all my friend. There are ones here on BOL tools.

grin
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#1366443 - 03/30/10 06:26 PM Re: Model Privacy Form DD Regs
FBH Offline
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FBH
Joined: Apr 2007
Posts: 2,649
The Land of Tax Free Shopping!
Originally Posted By: DD Regs
Don't mind at all my friend. There are ones here on BOL tools.

grin


Nice. Thank you! That just underscores my laziness! wink
Last edited by FBH; 03/30/10 06:42 PM. Reason: For hilarious effect!
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#1367442 - 03/31/10 08:43 PM Re: Model Privacy Form Random
Sisyphus Offline
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Sisyphus
Joined: Jun 2008
Posts: 222
On the joint marketing exception...we have an agreement with another bank under which we make their credit card applications available to anyone who comes in to our branches (no other marketing involved), the applicant fills out the application on their own and sends it in to that other bank, and that other bank makes the credit decision and holds the asset on its books. We get a fee for approved accounts. Although we have an agreement with another FI to jointly offer this financial product, we do not share personal information with that bank. How should we complete the new Privacy Notice??

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