this may be a dumb question but what is the difference in the opt out requirments before and the one just made final?

The existing GLB opt-out applies to sharing information with nonaffiliates outside of the GLB exceptions.

The existing FCRA opt-out applies to sharing information with affiliates if it goes beyond your "transaction and experience" information. You can share your direct knowledge, such as the customer's payment history or account balances but not application or consumer report information.

The new opt-out applies to information that you share with your affiliates for them to market to the customer. It doesn't prohibit the sharing, it prohibits the marketing unless the customer has an opportunity to opt-out and doesn't do so.

There are many details that are different, but those are the high-level differences.

is there any way to consolidate these opt-outs

Are you referring to consolidating in our disclosures? The information we must include in our privacy notice includes:

Regulation P, Sec. 216.6 Information to be included in privacy notices.
(a)(7) Any disclosures that you make under section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d)(2)(A)(iii)) (that is, notices regarding the ability to opt out of disclosures of information among affiliates)...

Reopening this one.

Would this statement cover both Reg. P and FCRA if given after a check box?:

I do not wish to have my information, other than transaction and experience information (not to be used for marketing purposes, however)shared within the ______ Bank corporate family of affiliates, except as permitted by law.

Thoughts?

That doesn't say anything about nonaffiliated third parties which is what GLB privacy covers. Also both GLB and Affiliate marketing rules have a "clear and conspicuous" definition and requirement that you might have a problem with.

Why isn't the government held to the same "clear and conspicuous" standard when they craft these nightmare rules?

Nevermind, I already know the answer...

If we do no marketing with/to affiliates, do we have to send out the opt out notice?

There is no need to provide consumers with an opt out notice if you do not share any "eligibility information" with affiliates that is used for marketing purposes by that affiliate.

What is "eligibility" information. How is it defined?

Basically, anything that identifies your customer. The technical answer is:

Eligibility Information means any information the communication of which would be a consumer report if the exclusions from the definition of ‘‘consumer report” in section 603(d)(2)(A) of the Act did not apply. Eligibility information does not include aggregate or blind data that does not contain personal identifiers such as account numbers, names, or addresses. [§334.20(a)(3)]

If we share a list of our customers and the list has name, address and deposit balance only- is this permissible without an opt our notice?

If we share a list of our customers and the list has name, address and deposit balance only- is this permissible without an opt our notice?

No, it is not permissible (after October 1st) to share this information to an affiliate without providing the customer (consumer) the right to opt out.

Is there a good summary anywhere of the Affiliate marketing rule changes that details what we have to do? The Fed Register is 84 pages- yikes! Looking for a document that can bring me up to speed so I can implement this.

Here is an article that summarizes the requirements:

Affiliate marketing