Good Afternoon:

I thought that there was a WORD version of the new privacy notice on BOL but I can't find it.

Thank you.

Thank you very much.

I want to thank Margaret A. Maddux of the West End Bank, S.B and BOL for providing the WORD version. I especially appreciated the drop down menus. I tried to use the form builder version that the Agencies provided and I found it difficult to input the data.

Thanks again!

We are using a company do our Privacy Notices. In the "Other important information box" they have our compliant information and who to contact if the customer wishes to file a compliant. In the IBAT legal paper dated Nov. 11th it states that only State and/or international privacy law information or acknowledgment of receipt are to be in this section. The company we are using says they are in compliance by keeping the compliant section in. Not sure if we should take it out or leave it in? Any suggestions...

I have a question I'm hoping someone can help we with. We do not share with nonaffilaties. We do share with affiliates. We plan on using Version 2 of the model form with an opt out to meet FCRA affiliate opt out requirements. Under the "To limit our sharing" section, there is a the following statement "If you are a new customer, we can begin sharing your information, [30] days from the date we sent you this notice." The instructions state that you must insert a number that is 30 or greater in the space marked [30]. We have never applied a waiting period because we have never shared with nonaffilaties. Do we have to include this statement for affiliate sharing? Is anyone else deleting this? Are we premitted to Version 2 if we don't share with nonaffilaties? Any advice or gudiance would be appreciated.
Thank you.

Sorry for the grammar and spelling mistakes above...bad day, always in a hurry. I know we're all in the same boat....

Are we required to use the new model privacy notice?

Only if you want to take advantage of the safe harbor.

Buckeye -

I recently read up on the Affiliate Marketing Notice requirements and it requires a reasonable opportunity to opt-out and provides examples. You should read through the other examples but I cited the one concerning providing the affiliate marketing notice in the privacy policy notice. The other examples basically say by providing 30 days in mailings or requiring the customer to check a box for face to face providings would be considered reasonable. The citation below says it is reasonable if the customer is allowed to opt-out in a reasonable period of time and in the same methods of opt-out under the privacy notice. So based on the FCRA Affiliate Marketing regulation, I would say no you can't delete it because you should be waiting 30 days before sharing that customer's info with affiliates or requiring them to check a box indicating their decision at account opening. Also based on the model privacy notice instructions, it does not specifically say you can delete that phrase without losing the safe harbor. They are pretty specific on what may be added, deleted or modified and stay in the safe harbor, and that is not one of the things they address.

334.24 Reasonable opportunity to opt out.
(b) Examples of a reasonable opportunity to opt out. The consumer is given a reasonable opportunity to opt out if:
(5) By including in a privacy notice. The opt-out notice is included in a Gramm-Leach-Bliley Act privacy notice. The consumer is allowed to exercise the opt-out within a reasonable period of time and in the same manner as the optout under that privacy notice.

I hope this helps with your questions.

Noah,

This definitely helps. Thank you so much for taking the time to respond.

PS - Great name, my 2 yr. old grandson is also Noah.

Thanks again.

Buckeye

Can we disclose the model privacy language on the back of account statements (we have in the past) or is this notice now required to be provided seperate? A forms vendor is telling us we can't place it on statements it must be seperate, but are they just trying to sell forms?

Have them show you where in the regulation that says that the privacy disclosures must be segregated. They wouldn't be able to find it. (although I am not sure how you can get a three page document on the back of one statement?)