Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Wednesday, May 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

Financial Agencies Release Safe Harbor Form

WASHINGTON (CN) - Financial institutions regulated under the Gramm-Leach-Bliley Act will issue new privacy statements to their account holders detailing the privacy policies of the institution and the rights of account holders under those policies.

Financial institutions are to provide initial and annual privacy notices to their customers for as long as the relationship continues, according to Subtitle A of Title V of the act. The notice must accurately reflect the institution's information collection and disclosure practices.

Federal agencies responsible for implementing the act, including the Treasury Department, the Federal Trade Commission and the Securities and Exchange Commission, have adopted a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...