Does anyone know if there are any upcoming changes for privacy notices? My bank wants to wait to order new brochures because of "regulatory changes". I know that there's a proposal to standardize the format for privacy notices, but I think that's still in the early stages and won't happen for awhile. I have no idea what other changes they could be talking about, any thoughts???

I haven't heard of anything new either.

Thanks for the response. I think I figured out that they were referring to the FACT Act and information sharing with affiliates, which fortunately doesn't affect us!

Have you reviewed any requirements or ammendments made by your state regulatory agencies?

Congress just passed and the president will sign soon a major Regulatory Relief bill that will change the privacy notice requirements if your bank does not sell information. Basically, if you do not sell your information then you will not need to do the annual disclosure under the provision of the new bill, unless you make changes to your policy.

THIS LAW HAS NOT BEEN SIGNED YET, BUT WILL BE SOON!

Go ahead and do your disclosures, but it may be your last!!!!

If you are referring to HR 3505 - it passed the House, but has gotten no where in the Senate. Unless these provisions were included in a different bill, I would be curious as to a reference to your claim of pending presidential signature.

Brian is right Randy. I saw something this week from our state banking assoc. Although the only thing I saw was the regulators were to come out with a model notice. I didn't see anything about not having to send privacy notices annually. If that's the case, I would love it but I don't know about that.

I have followed the progress of the Regulatory relief bills in Congress. The House passed a Regulatory Relief bill that would have eliminated the annual notice requirement in some circumstances. The Senate passed a version that did not eliminate the annual notice requirement, but required the regulators to propose a Model Form within 180 days of the enactment of the bill.

The version of the bill that eventually passed (as far as privacy is concerned) was the Senate version, so the annual notice requirement has not changed but there will be a Model Form that will be optional but will provide a safe harbor for privacy compliance. All this assumes that the bill is signed into law, which is expected.

looks like Ted is right. I was misinformed by a newsletter that I got from ICBA. I thought it said that the privacy notice was taken out for non-sharing banks, but I think I got "lost on the website" and was reading outdated material before the final passage of the bill.

Oh well! It is still a stupid law.