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New
Privacy Notice Rule Final (cont'd)
As
expected, the rule specifies exactly what information must be
included on each page. There are three significant changes on page
one. First, the “What?” box has been modified to allow institutions
to select from a menu of terms the types of information collected
and shared. Second,
information (if needed) about how to limit sharing or opt out
follows the disclosure table. Third,
the model form includes at the top of the page in the right-hand
corner the date by month and year of the most recent version of the
notice.
There
are also three significant changes to page two. First, a new FAQ appears at the top of page two that can be used to
identify institutions that jointly provide the notice. Second, the FAQ on the collection of information has been modified
to allow the selection from a menu of terms. Third, a new box has been provided at the bottom of page two titled
“Other important information.” The box can be used only in two
ways: (1) to discuss state and/or international privacy law
requirements; and (2) to provide an acknowledgment of receipt form.
Safe Harbor
The use of the model form is not required. However, its use provides
a safe harbor for the financial institution. The old safe harbor for
using the “sample clauses” in the current version of the rule
will be phased out and the sample clauses will not be permissible on
or after January 1, 2011.
Effective Date
The final rule is effective December 31, 2009, except for specified
amendments which are effective January 1, 2012.
The
entire final rule may be reviewed at http://edocket.access.gpo.gov/2009/pdf/E9-27882.pdf.
NCUA’s part begins on page 62955.
(Note: Due to the length of this document, you will need to
copy and past the link into your browser. It will not open from
here.)
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