14940 Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Proposed Rules 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Part 40 

[Docket ID OCC–2007–0003] 

RIN 1557–AC80 

FEDERAL RESERVE SYSTEM 

12 CFR Part 216 

[Docket No. R–1280] 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 332 

RIN 3064–AD16 

DEPARTMENT OF THE TREASURY 

Office of Thrift Supervision 

12 CFR Part 573 

[Docket ID OTS–2007–0005] 

RIN 1550–AC12 

NATIONAL CREDIT UNION 

ADMINISTRATION 

12 CFR Part 716 

RIN 3133–AC84 

FEDERAL TRADE COMMISSION 

16 CFR Part 313 

[Project No. 034815] 

RIN 3084–AA94 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 160 

RIN 3038–AC04 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 248 

[Release Nos. 34–55497, IA–2598, IC–27755; 

File No. S7–09–07] 

RIN 3235–AJO6 

Interagency Proposal for Model 

Privacy Form Under the Gramm-LeachBliley Act 

AGENCIES: Office of the Comptroller of 

the Currency, Treasury (OCC); Board of 

Governors of the Federal Reserve 

System (Board); Federal Deposit 

Insurance Corporation (FDIC); Office of 

Thrift Supervision, Treasury (OTS); 

National Credit Union Administration 

(NCUA); Federal Trade Commission 

(FTC); Commodity Futures Trading 

Commission (CFTC); and Securities and 

Exchange Commission (SEC). 

ACTION: Proposed rule. 

SUMMARY: The OCC, Board, FDIC, OTS, 

NCUA, FTC, CFTC, and SEC (the 

Agencies) are proposing amendments to 

their rules that implement the privacy 

provisions of the Gramm-Leach-Bliley 

Act (GLB Act), Title V, Subtitle A. These 

rules require financial institutions to 

provide initial and annual privacy 

notices to their customers. As required 

under section 728 of the Financial 

Services Regulatory Relief Act of 2006 

(Regulatory Relief Act or Act), the 

Agencies are proposing a safe harbor 

model privacy form that financial 

institutions may use to provide 

disclosures under the privacy rules. 

Institutions that use notices based on 

the Sample Clauses currently contained 

in most of the privacy rules would lose 

the benefit of a safe harbor for 

compliance with respect to those 

notices if they are provided more than 

one year following the date of 

publication of a final rule. Similarly, 

institutions that use notices based on 

the Sample Clauses in the SEC’s privacy 

rule could no longer rely on the 

guidance provided with respect to those 

notices if they are provided more than 

one year following the date of 

publication of a final rule. 

DATES: Comments must be submitted on 

or before May 29, 2007. 

For information regarding the 

effective dates of the provisions 

proposed in this document, see the 

discussion under ‘‘Proposed Effective 

Dates’’ in the SUPPLEMENTARY

INFORMATION section. 

ADDRESSES: Because the Agencies will 

jointly review all of the comments 

submitted, interested parties may send 

comments to any of the Agencies and 

need not send comments (or copies) to 

all of the Agencies. Commenters are 

encouraged to use the title ‘‘Model 

Privacy Form’’ to facilitate the 

organization and distribution of 

comments among the Agencies. 

Interested parties are invited to submit 

written comments to: 

Office of the Comptroller of the 

Currency: You may submit comments by 

any of the following methods: 

• Federal eRulemaking Portal— 

‘‘Regulations.gov’’: Go to http:// 

www.regulations.gov, select 

‘‘Comptroller of the Currency’’ from the 

agency drop-down menu, then click 

‘‘Submit.’’ In the ‘‘Docket ID’’ column, 

select ‘‘OCC–2007–0003’’ to submit or 

view public comments and to view 

supporting and related materials for this 

notice of proposed rulemaking. The 

‘‘User Tips’’ link at the top of the 

Regulations.gov home page provides 

information on using Regulations.gov, 

including instructions for submitting or 

viewing public comments, viewing 

other supporting and related materials, 

and viewing the docket after the close 

of the comment period. 

• Mail: Office of the Comptroller of 

the Currency, 250 E Street, SW., Mail 

Stop 1–5, Washington, DC 20219. 

• Hand Delivery/Courier: 250 E 

Street, SW., Attn: Public Information 

Room, Mail Stop 1–5, Washington, DC 

20219. 

Instructions: You must include 

‘‘OCC’’ as the agency name and ‘‘Docket 

Number OCC–2007–0003’’ in your 

comment. In general, OCC will enter all 

comments received into the docket and 

publish them on Regulations.gov 

without change, including any business 

or personal information that you 

provide such as name and address 

information, e-mail addresses, or phone 

numbers. Comments, including 

attachments and other supporting 

materials, received are part of the public 

record and subject to public disclosure. 

Do not enclose any information in your 

comment or supporting materials that 

you consider confidential or 

inappropriate for public disclosure. 

You may review comments and other 

related materials by any of the following 

methods: 

• Viewing Comments Electronically: 

Go to http://www.regulations.gov, select 

‘‘Comptroller of the Currency’’ from the 

agency drop-down menu, then click 

‘‘Submit.’’ In the ‘‘Docket ID’’ column, 

select ‘‘OCC–2007–0003’’ to view public 

comments for this notice of proposed 

rulemaking. 

• Viewing Comments Personally: You 

may personally inspect and photocopy 

comments at the OCC’s Public 

Information Room, 250 E Street, SW., 

Washington, DC. You can make an 

appointment to inspect comments by 

calling (202) 874–5043. 

• Docket: You may also view or 

request available background 

documents and project summaries using 

the methods described above. 

Board of Governors of the Federal 

Reserve System: You may submit 

comments, identified by Docket No. R– 

1280, by any of the following methods: 

• Agency Web Site: http:// 

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/ 

generalinfo/foia/ProposedRegs.cfm. 


rwilkins on PROD1PC63 with PROPOSALS
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1Commission Rule 4.2(d), 16 CFR 4.2(d). The 

comment must also be accompanied by an explicit 

request for confidential treatment, including the 

factual and legal basis for the request, and must 

identify the specific portions of the comment to be 

withheld from the public record. The request will 

be granted or denied by the Commission’s General 

Counsel, consistent with applicable law and the 

public interest. See Commission Rule 4.9(c), 16 CFR 

4.9(c). 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• E-mail: regs.comments@ 

federalreserve.gov. Include docket 

number in the subject line of the 

message. 

• Fax: 202/452–3819 or 202/452–

3102. 

• Mail: Jennifer J. Johnson, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue, NW., Washington, 

DC 20551. 

All public comments are available 

from the Board’s Web site at http:// 

www.federalreserve.gov/generalinfo/ 

foia/ProposedRegs.cfm as submitted, 

unless modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper in Room MP–500 of the Board’s 

Martin Building (20th and C Streets, 

NW.,) between 9 a.m. and 5 p.m. on 

weekdays. 

FDIC: You may submit comments by 

any of the following methods: 

Agency Web Site: http:// 

www.fdic.gov/regulations/laws/federal. 

Follow instructions for submitting 

comments on the Agency Web Site. 

E-mail: Comments@FDIC.gov. Include 

‘‘Model Privacy Form’’ in the subject 

line of the message. 

Mail: Robert E. Feldman, Executive 

Secretary, Attention: Comments, Federal 

Deposit Insurance Corporation, 550 17th 

Street, NW., Washington, DC 20429. 

Hand Delivery/Courier: Guard station 

at the rear of the 550 17th Street 

Building (located on F Street) on 

business days between 7 a.m. and 5 p.m. 

(EST). 

Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Public Inspection: All comments 

received will be posted without change 

to http://www.fdic.gov/regulations/laws/ 

federal including any personal 

information provided. Comments may 

be inspected and photocopied in the 

FDIC Public Information Center, 3501 

North Fairfax Drive, Room E–1002, 

Arlington, VA 22226, between 9 a.m. 

and 5 p.m. (EST) on business days. 

Paper copies of public comments may 

be ordered from the Public Information 

Center by telephone at (877) 275–3342 

or (703) 562–2200. 

Office of Thrift Supervision: You may 

submit comments, identified by OTS–

2007–0005, by any of the following 

methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov, select 

‘‘Office of Thrift Supervision’’ from the 

agency drop-down menu, then click 

submit. Select Docket ID ‘‘OTS–2007–

0005’’ to submit or view public 

comments and to view supporting and 

related materials for this notice of 

proposed rulemaking. The ‘‘User Tips’’

link at the top of the page provides 

information on using Regulations.gov, 

including instructions for submitting or 

viewing public comments, viewing 

other supporting and related materials, 

and viewing the docket after the close 

of the comment period. 

• Mail: Regulation Comments, Chief 

Counsel’s Office, Office of Thrift 

Supervision, 1700 G Street, NW., 

Washington, DC 20552, Attention: OTS–

2007–0005. 

• Hand Delivery/Courier: Guard’s 

Desk, East Lobby Entrance, 1700 G 

Street, NW., from 9 a.m. to 4 p.m. on 

business days, Attention: Regulation 

Comments, Chief Counsel’s Office, 

Attention: OTS–2007–0005. 

Instructions: All submissions received 

must include the agency name and 

docket number for this rulemaking. All 

comments received will be entered into 

the docket and posted on 

Regulations.gov without change, 

including any personal information 

provided. Comments, including 

attachments and other supporting 

materials received are part of the public 

record and subject to public disclosure. 

Do not enclose any information in your 

comment or supporting materials that 

you consider confidential or 

inappropriate for public disclosure. 

Viewing Comments Electronically: Go 

to http://www.regulations.gov, select 

‘‘Office of Thrift Supervision’’ from the 

agency drop-down menu, then click 

‘‘Submit.’’ Select Docket ID ‘‘OTS–

2007–0005’’ to view public comments 

for this notice of proposed rulemaking. 

Viewing Comments On-Site: You may 

inspect comments at the Public Reading 

Room, 1700 G Street, NW., by 

appointment. To make an appointment 

for access, call (202) 906–5922, send an 

e-mail to public.info@ots.treas.gov, or 

send a facsimile transmission to (202) 

906–6518. (Prior notice identifying the 

materials you will be requesting will 

assist us in serving you.) We schedule 

appointments on business days between 

10 a.m. and 4 p.m. In most cases, 

appointments will be available the next 

business day following the date we 

receive a request. 

National Credit Union 

Administration: Comments should be 

directed to Mary Rupp, Secretary of the 

Board. You may submit comments by 

any of the following methods (Please 

send comments by one method only): 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• NCUA Web Site: http:// 

www.ncua.gov/news/proposed_regs/ 

proposed_regs.html. Follow the 

instructions for submitting comments. 

• E-mail: Address to 

regcomments@ncua.gov. Include ‘‘[Your 

name] Comments on Proposed Rule Part 

716 (Model Form for Privacy Notice)’’ in 

the e-mail subject line. 

• Fax: (703) 518–6319. Use the 

subject line described above for e-mail. 

• Mail: Address to Mary Rupp, 

Secretary of the Board, National Credit 

Union Administration, 1775 Duke 

Street, Alexandria, Virginia 22314–

3428. 

• Hand Delivery/Courier: Same as 

mail address. 

Federal Trade Commission: All 

persons are invited to submit written 

comments. Comments should refer to 

‘‘Model Privacy Form, FTC File No. 

P034815’’ to facilitate the organization 

of comments. Comments filed in paper 

form should include this reference both 

in the text and on the envelope, and 

should be mailed or delivered to: 

Federal Trade Commission/Office of the 

Secretary, Room 135 (Annex C), 600 

Pennsylvania Avenue, NW., 

Washington, DC 20580. Because paper 

mail in the Washington area and at the 

Commission is subject to delay, please 

consider submitting your comments in 

electronic form, as prescribed below. If 

the comment contains any material for 

which confidential treatment is 

requested, it must be filed in paper 

(rather than electronic) form, and the 

first page of the document must be 

clearly labeled ‘‘Confidential.’’ 1 The 

FTC is requesting that any comment 

filed in paper form be sent by courier or 

overnight service, if possible. 

Comments filed in electronic form 

should be submitted by using the 

following Web link: https:// 

secure.commentworks.com/ftcmodelform (and following the 

instructions on the Web-based form). To 

ensure that the Commission considers 

an electronic comment, you must file it 

on the Web-based form at the Web link 

https://secure.commentworks.com/ftcmodelform. If this notice appears at 

www.regulations.gov, you may also file 

an electronic comment through that 


rwilkins on PROD1PC63 with PROPOSALS
14942 Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Proposed Rules 

2An electronic comment can be filed by (1) 

clicking on http://www.regulations.gov; (2) selecting 

‘‘Federal Trade Commission’’ at ‘‘Search for Open 

Regulations;’’ (3) locating the summary of this 

notice; (4) clicking on ‘‘Submit a Comment on this 

Regulation;’’ and (5) completing the form. For a 

given electronic comment, any information placed 

in the following fields—‘‘Title,’’ ‘‘First Name,’’

‘‘Last Name,’’ ‘‘Organization Name,’’ ‘‘State,’’

‘‘Comment,’’ and ‘‘Attachment’’—will be publicly 

available on the FTC Web site. The fields marked 

with an asterisk on the form are required in order 

for the FTC to fully consider a particular comment. 

Commenters may choose not to fill in one or more 

of these fields, but if they do so, their comments 

may not be considered. 

3Because each Agency’s privacy rule has the 

same section numbers, relevant sections will be 

cited, for example, as ‘‘section l.6’’ unless 

otherwise noted. 

4Pub. L. 109–351 (Oct. 13, 2006), 120 Stat. 1966. 

5 Id., adding 15 U.S.C. 6803(e). Section 728 of the 

Regulatory Relief Act directs the agencies named in 

Section 504(a)(1) of the GLB Act, 15 U.S.C. 

6804(a)(1), to develop a model form. The CFTC, 

which did not become subject to Title V of the GLB 

Act until 2000, is not named in that section. The 

Commodity Exchange Act (‘‘CEA’’) was amended in 

2000 by the Commodity Futures Modernization Act 

of 2000 to make the CFTC a ‘‘federal functional 

regulator’’ subject to the GLB Act Title V. See 

Section 5g of the CEA, 7 U.S.C. 7b–2. The CFTC 

interprets Section 728 of the Regulatory Relief Act 

as applying to it through Section 5g. 

Web site. The Commission will consider 

all comments that www.regulations.gov 

forwards to it.2 The FTC Act and other 

laws the Commission administers 

permit the collection of public 

comments to consider and use in this 

proceeding as appropriate. All timely 

and responsive public comments with 

all required fields completed, whether 

filed in paper or electronic form, will be 

considered by the Commission, and will 

be available to the public on the FTC 

Web site, to the extent practicable, at 

http://www.ftc.gov. As a matter of 

discretion, the Commission makes every 

effort to remove home contact 

information for individuals it receives 

from the public comments before 

placing those comments on the FTC 

Web site. More information, including 

routine uses permitted by the Privacy 

Act, may be found in the FTC’s privacy 

policy, at http://www.ftc.gov/ftc/ 

privacy.htm. 

Commodity Futures Trading 

Commission: Comments should be 

directed to Eileen Donovan, Acting 

Secretary of the Commission, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. Comments may be sent by 

facsimile transmission to (202) 418–

5528 or by e-mail to secretary@cftc.gov. 

Securities and Exchange Commission: 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/proposed.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–09–07 and ‘‘Model Privacy 

Form’’ on the subject line; or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–09–07 and ‘‘Model Privacy 

Form.’’ This file number should be 

included on the subject line if e-mail is 

used. To help us process and review 

your comments more efficiently, please 

use only one method. The Commission 

will post all comments on the 

Commission’s Internet Web site (http:// 

www.sec.gov/rules/proposed.shtml). 

Comments are also available for public 

inspection and copying in the 

Commission’s Public Reference Room, 

100 F Street, NE., Washington, DC 

20549. All comments received will be 

posted without change; we do not edit 

personal identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

OCC: Amy Friend, Assistant Chief 

Counsel, (202) 874–5200; Heidi Thomas, 

Special Counsel, Jonathan Mitchell, 

Attorney, Legislative and Regulatory 

Activities Division, (202) 874–5090; 

David H. Nebhut, Director, Policy 

Analysis, (202) 874–5387; or Paul 

Utterback, NBE Compliance Specialist, 

(202) 874–4428, Office of the 

Comptroller of the Currency, 250 E 

Street, SW., Washington, DC 20219. 

Board: Adrianne Threatt, Counsel, 

Legal Division, (202) 452–3554; Jeanne 

Hogarth, Consumer Policies Program 

Manager, or Krista Ayoub, Senior 

Attorney, or Ky Tran-Trong, Counsel, 

Division of Consumer and Community 

Affairs, (202) 452–3667; or Michelle E. 

Shore, Federal Reserve Board Clearance 

Officer, (202) 452–3829 (for Paperwork 

Reduction Act questions only), Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue, NW., Washington, DC 20551. 

FDIC: David P. Lafleur, Senior Policy 

Analyst, Compliance Section, Division 

of Supervision and Consumer 

Protection, (202) 898–6569; or Ruth R. 

Amberg, Senior Counsel, (202) 898–

3736, or Kimberly A. Stock, Attorney, 

(202) 898–3815, Legal Division; Federal 

Deposit Insurance Corporation, 550 17th 

Street, NW., Washington, DC 20429. 

OTS: Ekita Mitchell, Consumer 

Regulations Analyst, Examinations, 

Supervision, and Consumer Protection, 

(202) 906–6451; or Richard Bennett, 

Counsel, Regulations and Legislation 

Division, (202) 906–7409, 1700 G Street, 

NW., Washington, DC 20552. 

NCUA: Regina Metz, Staff Attorney, 

(703) 518–6561, or Ross Kendall, Staff 

Attorney, Office of General Counsel, 

(703) 518–6562, National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, Virginia 22314–3428. 

FTC: Loretta Garrison, Senior 

Attorney, Division of Privacy and 

Identity Protection, Bureau of Consumer 

Protection, (202) 326–3043, Federal 

Trade Commission, 600 Pennsylvania 

Avenue, NW., Stop NJ–3158, 

Washington, DC 20580. 

CFTC: Laura Richards, Senior 

Assistant General Counsel, (202) 418–

5126, or Gail B. Scott, Attorney, Office 

of General Counsel, (202) 418–5139, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. 

SEC: Catherine McGuire, Chief 

Counsel, or Brice Prince, Special 

Counsel, Office of the Chief Counsel, 

Division of Market Regulation, (202) 

551–5550; or Penelope Saltzman, 

Branch Chief, or Vincent Meehan, 

Senior Counsel, Office of Regulatory 

Policy, Division of Investment 

Management, (202) 551–6792, Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549. 

SUPPLEMENTARY INFORMATION: The 

Agencies are proposing amendments to 

each of their rules (which are consistent 

and comparable) that implement the 

privacy provisions of the GLB Act: 12 

CFR part 40 (OCC); 12 CFR part 216 

(Board); 12 CFR part 332 (FDIC); 12 CFR 

part 573 (OTS); 12 CFR part 716 

(NCUA); 16 CFR part 313 (FTC); 17 CFR 

part 160 (CFTC); and 17 CFR part 248 

(SEC) (collectively, the ‘‘privacy rule’’).3

I. Background 

The Regulatory Relief Act was 

enacted on October 13, 2006.4 Section 

728 of the Act directs the Agencies to 

‘‘jointly develop a model form which 

may be used, at the option of the 

financial institution, for the provision of 

disclosures under [section 503 of the 

GLB Act].’’ 5 The Regulatory Relief Act 

stipulates that the model form shall be 

a safe harbor for financial institutions 


rwilkins on PROD1PC63 with PROPOSALS
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6Codified at 15 U.S.C. 6801–6809. 

7 15 U.S.C. 6803(a). A ‘‘customer’’ means a 

consumer who has a ‘‘customer relationship with a 

financial institution.’’ Privacy rule, section l.3(h), 

SEC section 248.3(j), CFTC section 160.3(k). A 

‘‘consumer’’ is ‘‘an individual who obtains, from a 

financial institution, financial products or services 

which are to be used primarily for personal, family, 

or household purposes, and also means the legal 

representative of such an individual.’’ 15 U.S.C. 

6809(9); privacy rule, section l.3(e), SEC section 

248.3(g)(1), CFTC section 160.3(h)(1). 

8 15 U.S.C. 6803(a)–(c). 

9 15 U.S.C. 6809(4). ‘‘Nonpublic personal 

information’’ is generally defined as personally 

identifiable financial information provided by a 

consumer to a financial institution, resulting from 

any transaction or any service performed for the 

consumer, or otherwise obtained by the financial 

institution. See privacy rule, sections l.3(n) and 

(o), SEC sections 248.3(t) and (u), CFTC sections 

160.3(t) and (u). 

10 15 U.S.C. 6802; privacy rule, sections l.14 and 

l.15. 

11 15 U.S.C. 1681a(d)(2)(A)(iii) (FCRA); 15 U.S.C. 

6803(c)(4) (GLB Act). 

12 15 U.S.C. 6802, 6803; privacy rule, section 

l.3(b), SEC 248.3(c). 

13The CFTC was added by Section 5g of the 

Commodity Exchange Act, 7 U.S.C. 7b-2 (as 

amended by the Commodity Futures Modernization 

Act of 2000), on December 21, 2000, and privacy 

notices were required to be delivered to consumers 

by March 31, 2002. 

14 Get Noticed: Writing Effective Financial 

Privacy Notices, Interagency Public Workshop (Dec. 

4, 2001), workshop transcripts and other supporting 

documents are available at http://www.ftc.gov/bcp/ 

workshops/glb/index.html. 

15See Interagency Proposal to Consider 

Alternative Forms of Privacy Notices Under the 

Gramm-Leach-Bliley Act, 68 FR 75164 (Dec. 30, 

2003), available at http://www.ftc.gov/os/2003/12/ 

031223anprfinalglbnotices.pdf. 

that elect to use it. Section 728 further 

directs that the model form shall: 

(A) Be comprehensible to consumers, 

with a clear format and design; 

(B) Provide for clear and conspicuous 

disclosures; 

(C) Enable consumers easily to 

identify the sharing practices of a 

financial institution and to compare 

privacy practices among financial 

institutions; and 

(D) Be succinct, and use an easily 

readable type font. 

The Agencies are required to propose 

a model form for public comment by 

April 11, 2007. 

A. The Gramm-Leach-Bliley Act Privacy 

Notices 

Subtitle A of title V of the GLB Act, 

captioned Disclosure of Nonpublic 

Personal Information,6 requires each 

financial institution to provide a notice 

of its privacy policies and practices to 

its customers who are consumers.7 In 

general, the privacy notices must 

describe a financial institution’s policies 

and practices with respect to disclosing 

nonpublic personal information about a 

consumer to both affiliated and 

nonaffiliated third parties.8 The notices 

also must provide a consumer a 

reasonable opportunity to direct the 

institution generally not to share 

nonpublic personal information 9 about 

the consumer (that is, to ‘‘opt out’’) with 

nonaffiliated third parties other than as 

permitted by the statute (for example, 

sharing for everyday business purposes, 

such as processing transactions and 

maintaining customers’ accounts, and in 

response to properly executed 

governmental requests).10 The privacy 

notice must provide, where applicable 

under the Fair Credit Reporting Act 

(FCRA), a notice and an opportunity for 

a consumer to opt out of certain 

information sharing among affiliates.11

The privacy rule requires a financial 

institution to provide a privacy notice to 

its customers no later than when a 

customer relationship is formed and 

annually for as long as the relationship 

continues. The notice must accurately 

reflect the institution’s information 

collection and disclosure practices and 

must include specific information. 

Section l.6 of the privacy rule requires 

the privacy notice to include the 

following: 

(1) The categories of nonpublic 

personal information that the institution 

collects; 

(2) With respect to both current and 

former customers, the categories of 

nonpublic personal information that it 

discloses and the categories of affiliates 

and nonaffiliated third parties to whom 

it discloses such information other than 

as permitted by the exceptions in 

sections l.14 and l.15; 

(3) Where the institution relies on the 

exception in section l.13 to share 

nonpublic personal information 

(pertaining to joint marketing), the 

categories of information disclosed, and 

the categories of third parties with 

which the institution has contracted; 

(4) Where applicable, an explanation 

of the consumer’s right under section 

l.10(a) to opt out of the disclosure of 

nonpublic personal information to 

nonaffiliated third parties and the 

methods by which the consumer may 

opt out; 

(5) Disclosures made under section 

603(d)(2)(A)(iii) of the FCRA (pertaining 

to the ability to opt out of certain 

sharing with affiliates) and the 

applicable opt-out notice; 

(6) The institution’s policies and 

practices with respect to protecting the 

confidentiality and security of 

nonpublic personal information; and 

(7) Where applicable, a statement that 

the institution discloses nonpublic 

personal information to nonaffiliated 

third parties pursuant to the section 

l.14 and l.15 exceptions. 

The privacy rule does not prescribe 

any specific format or standardized 

wording for these notices. Instead, 

institutions may design their own 

notices based on their individual 

practices provided they comply with the 

law and meet the ‘‘clear and 

conspicuous’’ standard in the statute 

and the privacy rule.12 The Appendix to 

the privacy rule contains model 

language (Sample Clauses) that 

institutions may use in privacy notices 

to satisfy the privacy rule. 

Financial institutions first were 

required to distribute privacy notices to 

their customers by July 1, 2001.13 Many 

privacy notices in the initial effort were 

long and complex. In addition, because 

the privacy rule allows institutions 

flexibility in designing their privacy 

notices, notices have been formatted in 

various ways and as a result have been 

difficult to compare, even among 

financial institutions with identical 

privacy policies. 

In response to broad-based concerns 

expressed by representatives of financial 

institutions, consumers, privacy 

advocates, and members of Congress, 

the Agencies conducted a workshop in 

December 2001 to provide a forum to 

consider how financial institutions 

could provide more useful privacy 

notices to consumers.14 The workshop 

featured panel presentations by 

financial institutions, consumer 

advocates, and communications experts, 

and highlighted key communication 

principles to improve the notices. A 

number of institutions, particularly 

those with complex information-sharing 

practices, described the challenges they 

faced in explaining their practices and 

the choices available to consumers in a 

simple fashion while meeting all of the 

legal requirements for notice. Some 

institutions described results of 

consumer testing and their efforts to 

make privacy notices clearer and more 

useful to consumers. 

On December 30, 2003, the Agencies 

published an Advance Notice of 

Proposed Rulemaking to Consider 

Alternative Forms of Privacy Notices 

under the Gramm-Leach-Bliley Act 15

(ANPR) to solicit comment on a wide 

range of issues related to improving 

privacy notices. The Agencies sought, 

for example, comment on issues 

associated with the format, elements, 

and language used in privacy notices 

that would make the notices more 

accessible, readable, and useful, and 

whether to develop a model privacy 

notice that would be short and simple. 

The Agencies also solicited examples of 


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16Summaries of the outside meetings are 

available at http://www.ftc.gov/privacy/ 

privacyinitiatives/financial_rule_inrp.html. 

17Public comments to the ANPR are available at 

http://www.ftc.gov/privacy/privacyinitiatives/ 

financial_rule_inrp.html. 

18The six Agencies are the Board, FDIC, FTC, 

NCUA, OCC, and SEC. Information related to the 

Notice Project can be found at http://www.ftc.gov/ 

privacy/privacyinitiatives/financial_rule_inrp.html. 

19OTS has joined the Notice Project for the phase 

two research. 

20The text of the prototype notice is in 10 point 

BK Avenir Book font. 21See Kleimann Communication Group, Inc., 

Evolution of a Prototype Financial Privacy Notice: 

A Report on the Form Development Project (Feb. 

28, 2006) (Kleimann Report). For a copy of the full 

report, go to http://www.ftc.gov/privacy/ 

privacyinitiatives/ftcfinalreport060228.pdf. For the 

executive summary, go to http://www.ftc.gov/ 

privacy/privacyinitiatives/ 

FTCFinalReportExecutiveSummary.pdf. 

22While the model form would provide a safe 

harbor, institutions could continue to use other 

types of notices that vary from the model form so 

long as these notices comply with the privacy rule. 

For example, an institution could continue to use 

a simplified notice as described in section l.6(c)(5) 

(NCUA 716.6(e)(5)) of the privacy rule if it does not 

have affiliates and does not intend to share 

nonpublic personal information with nonaffiliated 

third parties outside of the exceptions provided in 

sections l.14 and l.15. 

forms, model clauses, and other 

information, such as applicable research 

that has been conducted in this area. 

The ANPR stated that the Agencies 

expected that consumer testing would 

be a key component in the development 

of any specific proposals. 

During January and February 2004, 

the Agencies met with a number of 

interested groups and individuals to 

discuss the issues raised in the ANPR.16

The Agencies received forty-four 

comments in response to the ANPR.17

While commenters expressed a variety 

of views on the questions posed in the 

ANPR, many commenters agreed that 

the Agencies should conduct consumer 

testing before proposing any alternative 

privacy notice. 

B. The Interagency Notice Project 

In the summer of 2004, six Agencies 18

agreed to launch a project to fund 

consumer research (Notice Project). 

Their goals were to identify barriers to 

consumer understanding of current 

privacy notices and to develop an 

alternative privacy notice, or elements 

of a notice, that consumers could more 

easily use and understand compared to 

current notices. When the Agencies 

initiated this project, they contemplated 

conducting the consumer research in 

two sequential phases. The first phase 

was designed as qualitative testing, that 

is, form development research. This 

research involved a series of in-depth 

individual consumer interviews to 

develop an alternative privacy notice 

that would be easier for consumers to 

use and understand. The second phase 

was designed as quantitative testing, to 

test the effectiveness of the alternative 

privacy notice developed in phase one 

among a larger number of consumers. 

The first phase has been completed and 

resulted in the model notice we are 

proposing for comment today. The 

Agencies expect to conduct the second 

phase of testing after receipt of 

comments in response to this 

proposal.19

In September 2004, the six Agencies 

selected Kleimann Communication 

Group, Inc. (Kleimann) as their 

contractor for the phase one form 

development research. The research 

objectives of the Notice Project included 

designing a privacy notice that 

consumers could understand and use, 

that facilitated comparison of sharing 

practices and policies across privacy 

notices, and that addressed all relevant 

legal requirements of the GLB Act and 

FCRA. At the outset of the research, the 

Agencies considered a range of possible 

options for the notice, including a short 

notice, a layered approach (highlighting 

key information upfront), as well as a 

longer fully-compliant notice. The 

Agencies limited the project to paperbased notices, reasoning that a 

successful paper notice could be readily 

adapted to another medium such as the 

Internet. The Agencies used a readable 

font 20 and, in order not to confound the 

research findings on comprehension by 

introducing too many variables into the 

test notice, expressly did not use color, 

logos, or other graphical designs in the 

test notices. Instead, the Agencies 

focused on formulating and testing 

content that consumers could 

understand and use in order to develop 

a short, simplified privacy notice that 

met the research objectives. 

The form development phase 

culminated in an extensive research 

report released by the Agencies in 

March 2006. Prepared by Kleimann, 

‘‘Evolution of a Prototype Financial 

Privacy Notice,’’ details the process by 

which the Agencies and Kleimann 

developed an alternative privacy 

notice.21 As explained more fully in the 

Kleimann Report, over a one-year 

period, Kleimann conducted two focus 

groups followed by a series of 46 indepth, individual interviews, conducted 

sequentially at seven sites around the 

country. The interviews tested 

consumers on their ability to 

comprehend, use, and compare notices 

based on variations in vocabulary, 

ordering of content, and format. The 

structure, content, ordering of the text 

information, and title of the proposed 

model form all reflect the research 

findings in the qualitative consumer 

testing. 

The Agencies now are proposing the 

model privacy notice produced in the 

form development phase with some 

minor revisions (the proposed model 

form) for comment in accordance with 

the Regulatory Relief Act. The Agencies 

contemplate that the safe harbor for the 

proposed model form will be effective 

upon publication of the final rule in 

order to permit institutions that elect to 

use the form to do so immediately. The 

Agencies recognize that institutions may 

post their privacy notices on their 

Internet sites, as well as deliver paper or 

email versions to their customers. The 

Agencies contemplate that institutions 

that post a pdf version of the proposed 

model privacy form may obtain a safe 

harbor, but are requesting comment on 

whether to develop a Web-based design 

for financial institutions to use on their 

Internet sites, including comment on 

particular design and/or technical 

considerations. 

The Agencies believe that the 

proposed model form meets all the 

requirements of the Act and is easier to 

understand than most privacy notices 

currently being disseminated. The 

following section describes the 

proposed model form and highlights 

some key research findings. For more 

detailed information on the research 

methodology and the form development 

process, commenters are encouraged to 

review the full Kleimann Report. The 

Agencies also are proposing instructions 

on how institutions may obtain a safe 

harbor by using the proposed model 

form, including an explanation of 

aspects of the form that may and may 

not be varied.22 Institutions would not 

be able to vary content or format, other 

than as described in this proposal, to 

take advantage of the safe harbor. 

Moreover, institutions would not be 

able to include any other information in 

the proposed model form nor 

incorporate this model form into any 

other document. 

II. The Proposed Model Form 

A. The Structure 

The proposed model form has either 

two or three pages, depending on 

whether the financial institution 

provides an opt-out. While the research 

showed that page one alone was 

adequate for comprehension and 

usability, page one together with page 

two address the legal requirements of 

applicable Federal financial privacy 

laws and increase consumer 

comprehension. Each of the pages of the 

model form is printed separately and 


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23The proposed model form has the opt-out 

options and instructions on a separate page. Staff 

of certain of the Agencies issued Frequently Asked 

Questions in December 2001 (Privacy FAQs), 

stating that a consumer should be able to detach a 

mail-in opt-out form from a privacy notice without 

removing text from the privacy policy. Otherwise, 

the institution may violate section l.9(e) of the 

privacy rule, which requires that a privacy policy 

must be provided in such a way that a customer can 

retain the text of the notices or obtain them later. 

See F.4 of the Privacy FAQs, available at http:// 

www.ftc.gov/privacy/glbact/glb-faq.htm. 

24The Agencies understand that many consumers 

are not familiar with institutions’ information 

sharing practices. During the Notice Project’s initial 

research, some consumers expressed concern about 

financial institutions changing their practices and 

policies without adequately informing consumers 

about such changes. A few consumers suggested 

that, at a minimum, the notices should be dated to 

reflect the most recent revision so consumers would 

know when the notice was last changed and could 

more easily identify the most recent policy 

statement. Changes to an institution’s policy may be 

reflected in a revised notice under section l.8 of 

the privacy rule or in an annual notice. Some 

institutions highlight changes to their privacy 

notices in some distinctive way, so that consumers 

can readily identify the change. As discussed later 

in Section V, the Agencies invite comment on 

whether financial institutions should be required to 

alert consumers to changes in an institution’s 

privacy practices as part of the proposed model 

form. 

only on one side of an 8.5 by 11 inch 

piece of paper because, during testing, 

consumers expressed a preference for 

the model which allowed them to view 

the information on pages one and two 

side-by-side.23 The proposed model 

form in Appendix A is designed to be 

customized by each financial institution 

that elects to use it by inserting, for 

example, the institution’s name, contact 

information, and information about 

affiliates, nonaffiliates, or joint 

marketing partners, if any, with which 

it shares personal information. In 

addition, the disclosure table requires 

that each institution complete the 

responses in each of the boxes provided 

in a manner that accurately reflects its 

information sharing policies and 

practices. 

Below is one example of a completed 

model form for a fictional financial 

institution, Neptune, whose privacy 

policy provides for broad sharing in a 

manner that triggers consumer opt-out 

rights. For comparison, a second 

example is also provided for another 

fictional institution, Mars, whose 

privacy policy limits sharing and does 

not trigger consumer opt-out rights. 

Each of these institutions uses and 

shares personal information in different 

ways; thus, their responses in the 

disclosure table vary, as do the 

descriptions of their affiliates, 

nonaffiliates, or joint marketing partners 

in the definition section.24 Importantly, 

since Mars does not share in a way that 

triggers an opt-out, the opt-out form 

(page 3 of the proposed model form) is 

not required and so is not included in 

the Mars notice. Thus, not every 

institution subject to the privacy rule 

will have to provide page three of the 

model form; only those institutions 

whose privacy practices require delivery 

of an opt-out notice or those institutions 

that choose to provide opt-outs beyond 

those required by law. 


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Example 1. Neptune Model Privacy 

Form 


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Example 2. Mars Model Privacy Form 


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25See infra note and accompanying text. This 

illustration displays the font sizes of the various 

elements in the model form. 

Example 3. Illustration of Type Size for 

the Various Elements of the Model 

Form 25

B. Page One—Background Information 

and the Disclosure Table 

Page one of the proposed model form 

has four parts: (1) The title; (2) an 

introductory section called the ‘‘key 

frame,’’ which provides context to help 

the consumer better understand the 

required disclosures; (3) a table that 

describes the types of sharing Federal 

law allows, which of those types of 

sharing the institution actually does, 

and whether the consumer can opt out 

of any type of the institution’s sharing; 

and (4) the institution’s contact 

information. 

The research showed that the title, 

‘‘FACTS What Does [name of financial 


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26The Agencies recognize that some financial 

institutions may not collect each type of 

information described in the ‘‘What’’ box. As 

reflected in the introductory clause, which states 

that the ‘‘information [collected] can include 

* * *,’’ the standardized terms are designed to 

reflect the range of information typically collected 

by financial institutions required to provide privacy 

notices under the GLB Act and FCRA, rather than 

the specific information collected by each particular 

institution, and therefore, are not to be modified to 

reflect an institution’s particular practices. The 

SEC’s model privacy form reflects modified terms 

in the ‘‘What’’ box that are intended to include the 

range of information typically collected by brokers, 

dealers, investment advisers registered with the 

Commission, and investment companies. 

27See Kleimann Report, supra note , at v and 7. 

28See id. at 185, 215, 256. 

29Pub. L. 108–159, 117 Stat. 1952. Section 624 

provides that information that may be shared 

among affiliates—including transaction and 

experience information and certain 

creditworthiness information—cannot be used for 

marketing purposes unless the consumer has 

received a notice of such use and an opportunity 

to opt out, and the consumer does not opt out. The 

Agencies have included language pertaining to this 

affiliate marketing provision and the related opt-out 

on the notice developed in the consumer research 

in response to comments to the ANPR. While the 

Agencies have not yet issued a final regulation 

implementing this provision of the FACT Act, they 

are coordinating this rulemaking with the affiliate 

marketing rulemaking to ensure that language 

addressing the section 624 opt-out as incorporated 

in this model form (when finalized) would be 

deemed to comply with the affiliate marketing rule. 

Institutions would not be required to include 

reference to this provision until a final rule for 

section 624 is issued and becomes effective, and 

only in the event that institutions choose to 

consolidate the 624 notice and opt-out with the 

GLB Act privacy notice. 

30The reasons for sharing are grouped into three 

main categories. The first three reasons describe 

what financial institutions do with their consumers’

personal information. The next three reasons 

describe what a financial institution’s affiliates do 

with that information. The last reason describes 

what nonaffiliated companies may do with the 

personal information, other than acting as a service 

provider to or acting jointly with the financial 

institution (that is, outside the exceptions provided 

in sections l.13, l.14, and l.15). This generally 

means marketing by the nonaffiliated company. 

31See section 603(d)(2)(A) of the FCRA. 

institution] Do With Your Personal 

Information,’’ is more likely to catch 

consumers’ attention so they will read 

the notice. The title can be used by all 

institutions regardless of their 

information sharing practices. 

The ‘‘key frame,’’ with its three short 

headings—Why, What, and How—is 

included because the research showed 

that, unless consumers have some basic 

facts about information sharing, they are 

less likely to understand why they are 

receiving a privacy notice and what to 

do with one. The ‘‘Why’’ box tells 

consumers that Federal law requires 

that the financial institution send the 

notice. The ‘‘What’’ box explains the 

types of personal information financial 

institutions collect and share.26 The 

‘‘How’’ box explains that some 

information sharing is necessary for all 

institutions in order to provide the 

products and services that consumers 

request. It also briefly explains what 

information consumers will find in the 

disclosure table below. The research 

found that these particular headings and 

the bulleted explanations enhanced 

consumers’ understanding of the 

purpose of the notice, enabled them to 

make an informed decision about the 

use of their personal information, and 

aided their overall comprehension. 

The disclosure table at the bottom of 

page one provides information about the 

financial institution’s sharing practices. 

The research found that this table is the 

‘‘heart’’ of the proposed model form, 

‘‘enabl[ing] consumers to understand 

the details of their financial institution’s 

sharing practices in the context of how 

other financial institutions can share. It 

is critical for comprehension and 

comparability.’’ 27 The table is featured 

on page one because it is one of the 

most important elements of the model 

form. 

Key research findings were that 

providing this information in a table 

form greatly increased consumers’

ability to readily identify and 

understand an institution’s sharing 

practices and what, if any, choices they 

had to limit any of that sharing, and 

easily compare these practices and 

choices among institutions. The 

Agencies asked Kleimann to develop 

and test a ‘‘prose’’ version describing 

information sharing practices since such 

a format would be more comparable to 

notices currently used by financial 

institutions. However, the research 

found that the table design of the 

proposed model form outperformed the 

prose design on a variety of measures, 

including comprehension, 

comparability, and usability.28

The disclosure table includes a 

description of the possible types of 

sharing and uses of personal 

information and the associated opt-out 

choices that must be disclosed. The optout disclosures are required under: (1) 

Section 502(b) of the GLB Act (regarding 

certain sharing with nonaffiliated third 

parties); (2) section 603(d)(2)(A) of the 

FCRA (regarding sharing of 

creditworthiness and credit report 

information among affiliates); and (3) 

section 624 of the FCRA, as added by 

section 214 of the Fair and Accurate 

Credit Transactions Act of 2003 (Fact 

Act), 15 U.S.C. 1681s–3 (use of that 

information for marketing).29 The table 

provides important context about what 

information sharing a financial 

institution actually does relative to what 

it could do. The research showed that 

the table, with its standardized content, 

facilitates easy comparison of 

information sharing practices among 

different institutions. The structure of 

the disclosure table and the reasons for 

sharing are designed to be consistent for 

all financial institutions.30 The 

institution-specific information lies in 

the answers to the questions within 

each of the boxes. Accordingly, even if 

a financial institution does not share for 

one of the reasons listed in the table (for 

example, it has no affiliates and 

therefore does not share with affiliates), 

the institution could not exclude that 

reason from the table, but would answer 

‘‘No’’ under ‘‘Does [name of financial 

institution] share?’’

The language used in the disclosure 

table is based on Kleimann’s research. 

The simplified phrases describing 

information sharing practices were 

continually refined through the 

consumer testing process to allow 

consumers to better understand the 

information sharing and use 

possibilities. The laws governing the 

disclosure of consumers’ personal 

information are not easily translated 

into short, comprehensible phrases that 

are also legally precise. Thus, the table 

in some cases uses more easily 

understandable short-hand terms to 

describe sharing practices required to be 

in the notice. For example, the table 

uses the term ‘‘everyday business 

purposes’’ to describe the sharing 

contemplated by the exceptions in 

sections l.14 and l.15 of the privacy 

rule, which does not trigger opt-out 

rights. The research found that 

consumers understood that ‘‘everyday 

business purposes’’ means that 

companies must share in some basic 

ways in order to provide the financial 

products or services that consumers 

request. The table also speaks in terms 

of the institution’s own ‘‘marketing 

purposes’’ to capture the idea that 

nearly all, if not all, financial 

institutions share information in 

connection with marketing their own 

products and services to their customers 

(for example, with a service provider 

such as a bulk mailer or data processor) 

in a manner that does not trigger an optout right. With respect to the reasons for 

information sharing among affiliated 

companies that track the FCRA 

provisions 31 (the sharing of 

‘‘transaction and experience 

information’’ and the sharing of ‘‘other 

information’’), the disclosure table uses 

‘‘Information about your 

creditworthiness’’ as a short-hand term 

for the statutory term ‘‘other 

information.’’

The institution’s contact information 

appears at the bottom of page one in 


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32Note that financial institutions should insert 

their names as indicated in the first three questions 

in this section. 

33The FAQ box regarding sources of information 

does not permit a financial institution to customize 

the sources of information it collects. As with the 

standardized terms describing information the 

institution collects on page one, see supra note , the 

disclosure is intended to include the range of 

information sources typically used by institutions 

subject to the GLB Act and FCRA rather than the 

information sources used by each particular 

institution. The SEC’s model form reflects 

additional terms in this box that are intended to 

include the range of sources of information 

typically used by brokers, dealers, investment 

advisers registered with the Commission, and 

investment companies. 

34See note 29. For institutions that choose to 

consolidate the 624 notice into the model form and 

offer this opt-out, the italicized language 

accompanying the affiliate sharing opt-out choice 

on page three of the proposed model form is 

required only if an institution wants to limit the 

time of the opt-out period, with 5 years the 

minimum opt-out period required by the statute. 

Where an institution elects to limit the time period 

for which the opt-out is effective, it should look to 

the Agencies’ affiliate marketing rule for guidance 

on the manner and form in which to provide any 

additional notice that would effectively permit a 

consumer to renew or extend the opt-out period. 

35The prototype notice developed in the 

consumer research is 10 on 12 BK Avenir Book. The 

‘‘10 on 12’’ means that the font size is 10 points, 

and the leading (that is, the additional space 

between the lines of type) is 2 points of spacing. 

36Serif typeface has small strokes at the ends of 

the lines that form each letter. Sans serif typeface 

does not have those small strokes. 

37Example 3 in this proposal illustrates the 

different font sizes used in the prototype notice for 

the title, headings, and key text. Thus, the word 

‘‘FACTS’’ in the title is in 17-point type; the 

remainder of the title is in 11-point; the Why, Why, 

How, and Contact Us headings are in 14 point; the 

headings in the disclosure table, the reasons in the 

left column of the disclosure table, and the 

questions in the left column of the FAQs are in 

10.5-point; and the text in the body of the form is 

in 10-point. This information shows the relative 

sizes of the various elements of the prototype and 

is intended only as a guide (and not a requirement) 

to those institutions that elect to use the proposed 

model form so that they can design the key 

Continued 

response to consumers’ preferences 

expressed during testing. 

C. Page Two—Supplemental 

Information 

The second page provides additional 

explanatory information that, in 

combination with page one, ensures that 

the notice includes all elements 

described in the GLB Act as 

implemented by the privacy rule. There 

is supplemental information in the form 

of Frequently Asked Questions 

(FAQs) 32 at the top and definitions 

below.33 The research showed that 

although consumers generally 

understood the concepts of certain 

technical words, they found that the 

four definitions on page two provided 

helpful additional information that 

further clarified the nature and type of 

information sharing by a financial 

institution. Some of the definitions 

include institution-specific information 

required by the GLB Act. For example, 

an institution that has affiliates must 

identify the categories of its affiliates 

after the definition. Likewise, an 

institution that has no affiliates can 

explain after the definition that it does 

not have affiliates. 

Examples of institution-specific 

information are shown for the last three 

definitions in the italicized print in both 

the Neptune and Mars forms. Thus, 

Neptune has affiliates with which it 

shares certain information and, under 

the definition of ‘‘affiliates,’’ Neptune 

includes information in italics that 

describes the categories of its affiliates. 

Since Mars has no affiliates, the Mars 

form states ‘‘Mars has no affiliates.’’

D. Page Three—The Opt-Out Form 

The third page provides an opt-out 

form, for use by those financial 

institutions that share in a manner that 

triggers consumer opt-out rights under 

the GLB Act or FCRA (see the proposed 

model privacy form in Appendix A and 

the Neptune form). Institutions using 

the proposed model form must include 

page three in their notices only if they 

(1) share or use information in a manner 

that triggers an opt-out, or (2) choose to 

provide opt-outs beyond what is 

required by law. 

The opt-out page lists three common 

methods for opting out—by telephone, 

on the Web, and by mail—and 

summarizes the opt-out choices 

available to the consumer in a clear and 

easy-to-read format that the research 

found consumers appreciated. Financial 

institutions that provide opt-out forms 

are not required to provide all the optout choices and methods described in 

the Neptune opt-out form. The Agencies 

expect that institutions may need to 

tailor the opt-out page to reflect 

accurately the institution’s particular 

practices.34 The model form, for 

example, includes information for the 

customer’s account number as a means 

of identifying both the customer and 

account to which the opt-out should 

apply. Institutions requiring consumers 

with multiple account numbers to list 

each account number to which the optout should apply should modify that 

portion of the form. Institutions 

requiring information other than an 

account number should modify that 

portion of the form. Institutions that 

allow more than 30 days from issuing 

the notice may insert that time period in 

place of the number ‘‘30’’. The proposed 

rule accordingly provides instructions 

explaining permissible variations to 

page three of the Neptune notice. 

E. Additional Opt-Outs in the Model 

Form 

The third column in the disclosure 

table in the proposed model form is 

intended to provide flexibility for 

financial institutions to include 

additional opt-out choices that are not 

required by Federal law. For example, a 

financial institution may give its 

customers the opportunity to limit 

sharing for joint marketing. In that case, 

the financial institution would answer 

the question ‘‘Can you limit this 

sharing?’’ in the far right column with 

‘‘Yes (Check your choices, p. 3)’’ and 

would describe the additional opt-out 

choice on its opt-out form, for example 

by stating, ‘‘Do not share my personal 

information with other financial 

institutions to jointly market to me.’’

Likewise, if a financial institution 

wanted to offer its customers the 

opportunity to opt out of its own 

marketing, it could provide for that 

option by answering ‘‘Yes’’ in the 

appropriate box of the disclosure table 

and by describing the opt-out choice on 

the opt-out form, for example by stating 

‘‘Do not share [or use] my personal 

information to market to me.’’ To obtain 

the safe harbor for use of the proposed 

model form, an institution that uses the 

disclosure table to show any additional 

opt-out choice must include the opt-out 

form on page three to provide 

consumers with a method for opting 

out. The Agencies specifically invite 

comment on other opt-outs that 

financial institutions may provide, and 

on whether the Agencies should provide 

model language based on the opt-out 

provisions provided in the proposed 

model form. 

F. Appearance of the Model Form 

In addition to the requirements that 

the proposed model form be 

comprehensible, clear and conspicuous, 

and allow for easy comparison of 

privacy practices among financial 

institutions, the law requires that the 

model form use an easily readable type 

font. The prototype notice developed in 

the Agencies’ phase one research and 

shown here as the proposed model 

form, reflects consideration of a number 

of typographical factors in the design.35

Type size, type style, leading, x-height, 

serif versus sans serif,36 upper and 

lower case type, along with the page 

layout—all play an important role in 

designing a typeface that is highly 

readable. Consumers who saw the 

prototype notice during the research 

process commented on how easy the 

type was to see and read.37


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elements, such as the headings and title, larger than 

the 10-point font size in the text. 

38 Karen A. Schriver, Dynamics In Document 

Design, 274 (1997). 

39 Id. at 262; see also James Hartley, Designing 

Instructional Text (1994); and Barbara Chaparro et 

al., Reading Online Text: A Comparison of Four 

White Space Layouts, 6(2) (2004). 

40The ‘‘x-height’’ is the height of the lower-case 

‘‘x’’ in relation to full height letters, such as a 

capital G. X-height is critical to type legibility. 41Erik Spiekermann & E.M. Ginger, Stop Stealing 

Sheep & Find Out How Type Works, 93 (1993). 42See, e.g., Hewlett-Packard Corporation, Panose 

Classification Metrics Guide (2006), available at 

http://www.monotypeimaging.com/ 

productsservices/pan2.aspx. 

43See Schriver, supra note at 264; see also pp. 

258–59. 

44A number of these font styles, including Arial, 

Tahoma, Century Gothic, Garamond, and Bodoni, 

are preloaded on commonly used operating systems 

with most new personal computers. The other font 

styles are commercially available as well. 

All of these factors together affect the 

readability of a document. Therefore, in 

considering these various factors for the 

design of an easily readable type font, 

the Agencies are proposing 10-point 

font as the minimum type size and 

sufficient spacing between the lines of 

type (leading). The Agencies are further 

providing general guidance on type 

styles. 

Type size: The readability of type size 

is highly dependent on the selection of 

the type style. Some styles in 10-point 

font are more readable than others in 12- 

point font and appear larger because of 

their design. Accordingly, the Agencies 

are proposing 10-point type size as the 

minimum size for use on the model 

form. 

Leading: Leading is the spacing 

between lines of type, measured in 

points. If the line spacing is too narrow, 

the type is hard to read. In such a case, 

the ascenders (such as the upward line 

in the letter ‘‘h’’) and descenders (such 

as the downward line in a ‘‘g’’) may 

touch, blending the lines of type and 

making it much harder to distinguish 

the letters on the page. Research on the 

legibility of typography indicates that 

people read faster when text is set with 

1 to 4 points of leading.38 The Agencies 

are proposing a requirement that the 

leading used allow for sufficient spacing 

between the lines, but are not 

mandating a specific amount. 

Nevertheless, the Agencies are 

providing these general 

recommendations for use with the 

model form: 10- or 11-point type should 

have between 1 and 3 points of leading. 

Twelve-point type should have between 

2 and 4 points of leading.39

Type style and ‘‘x’’-height: Experts 

differ on the question of the most 

desirable type style. The model form 

uses both sans serif and ‘‘monoweight’’

type, and upper and lower case lettering 

in the body of the form. While much of 

the printed material in the United States 

and western Europe uses serif styles, 

Web designers are increasingly using 

sans serif type, as they have found that 

serif type is harder to read in this new 

medium. These changes in Web design 

are also beginning to affect font styles in 

printed materials. Accordingly, some 

typography designers are now using 

sans serif typefaces, as well as type with 

a uniform thickness throughout the 

letter (monoweight typeface), finding 

such typefaces easier to read than those 

with variable thickness. While a variety 

of type styles would be suitable for the 

model notice, the Agencies caution that 

institutions that use idiosyncratic fonts 

or highly stylized typefaces will not 

meet the model form safe harbor 

standard. 

Larger x-height 40 makes a font appear 

larger and thus more readable, and fonts 

with larger x-heights are better for 

smaller text. Research shows that our 

eyes ‘‘scan the top of the letters’’ xheights during the normal reading 

process, so that is where the primary 

identification of each letter takes 

place.’’ 41 Generally, a font with an xheight ratio of around .66 is easier to 

read.42

The Agencies are not mandating a 

particular type style or x-height in order 

for a financial institution to obtain a safe 

harbor. Nevertheless, based on the 

research, the Agencies are providing 

these general guidelines for type style in 

the model form: For typefaces with a 

smaller x-height, 11- or 12-point font 

should be used; for typefaces with a 

larger x-height, a 10-point font would be 

sufficient.43 Fonts that satisfy the type 

style and x-height guidelines for the 

proposed model form include sans serif 

fonts such as Tahoma, Century Gothic, 

Myriad, Avant Garde, Bk Avenir Book, 

ITS Franklin Gothic, Arial, and Gill 

Sans, and serif fonts such as the 

Chaparral Pro Family, Minion Pro, 

Garamond, Monotype Bodoni, and 

Monotype Century.44

For ease of reference, the following 

table summarizes the recommendations 

discussed here for institutions that 

choose to use the model form and obtain 

the safe harbor. 

If Then use And use And use font with 

Font is 10-point ............... 1–3 points leading ......... Monoweight typeface ........... Large x-height sans serif (around .66 ratio). 

Font is 11-point ............... 1–3 points leading ......... Monoweight typeface ........... Smaller x-height is acceptable; either serif or sans serif 

(less than .66 ratio is acceptable). 

Font is 12-point ............... 2–4 points leading ......... Monoweight or variable typeface.Smaller x-height is acceptable; either serif or sans serif 

(less than .66 ratio is acceptable). 

G. Printing, Logos, and Color 

The Agencies recognize that financial 

institutions have a strong interest in 

ensuring that documents they provide to 

the public have a distinctive look that 

may be readily recognized by 

consumers. Thus, a financial institution 

that uses the proposed model form may 

include its corporate logo on any of the 

pages, so long as the logo design does 

not interfere with the readability of the 

model form or space constraints of each 

page. 

The model form used in the consumer 

testing was printed on 8.5 by 11 inch 

non-glossy paper, using varying shades 

of black ink to achieve the black and 

gray tones in the published prototype. 

The Agencies propose printing each 

page of the model form on one side of 

an 8.5 by 11 inch piece of paper so that 

each page of the model form can be 

viewed simultaneously. The Agencies 

seek comment on other formats that may 

achieve the readability and ease of use 

preferred by consumers. 

The Agencies propose that 

institutions using the model form use 

white or light color paper (such as 

cream) with black or suitable 

contrasting color ink. Spot color is 

permitted to achieve visual interest to 

the model form, so long as the color 

contrast is distinctive and the color does 

not detract from the form’s readability. 

The Agencies seek comment on 

whether, how, and to what extent 

institutions that elect to use the model 

form will use logos and/or color. 


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45The Agencies are also proposing conforming 

amendments to sections l.2, l.6, and l.7 of the 

privacy rule and to the Appendix. 

46For example, if an institution provides a notice 

using the Sample Clauses on day 361 after the 

effective date of the rule, it would continue to have 

the safe harbor for one year until its next annual 

notice is due. If an institution provides a notice 

using the Sample Clauses on day 369 after the 

effective date of the rule, it would not obtain the 

safe harbor. Privacy notices using the Sample 

Clauses posted on an institution’s Web site to meet 

the annual notice requirements of section l.9(c) 

would no longer get the safe harbor beginning one 

year after the final rule becomes effective. 

47See SEC privacy rule, section 248.2(a). The 

facts and circumstances of each individual situation 

determine whether use of the Sample Clauses 

constitutes compliance with the SEC’s privacy rule. 

III. The Sample Clauses 

The proposed model form is a 

standardized notice that would replace 

the Sample Clauses currently found in 

Appendix A of the privacy rule. It could 

be used by a financial institution at its 

option to comply with requirements for 

a clear and conspicuous privacy notice 

that meets the content requirements in 

sections l.6 and l.7 of the privacy 

rule.45 Research to date indicates that 

the language in the Sample Clauses is 

confusing, and accordingly, the 

Agencies propose to eliminate the 

Sample Clauses from the privacy rule. 

However, to ease the compliance 

burden for those institutions that 

currently have privacy notices based on 

the Sample Clauses, the Agencies are 

proposing a transition period of one 

year after which financial institutions 

would no longer obtain a safe harbor by 

using the sample clauses. Privacy 

notices using the Sample Clauses that 

are delivered to consumers (either in 

paper form or by electronic delivery 

such as email) or, alternatively, are 

posted electronically to meet the annual 

notice requirement of section l.9(c), 

would have a safe harbor for one year. 

Privacy notices using the Sample 

Clauses that are delivered or posted 

electronically after the one-year 

transition period would no longer 

obtain the safe harbor. Since institutions 

are required to send notices annually to 

their customers, annual notices that are 

delivered to consumers (either in paper 

form or by electronic delivery such as 

email) within the transition period 

would continue to get the safe harbor 

until the next annual privacy notice is 

due one year later.46 The Sample 

Clauses would be rescinded one year 

after the transition period ends. 

The Agencies note that the SEC’s 

privacy rule does not provide a safe 

harbor for financial institutions that use 

the Sample Clauses. Rather, the Sample 

Clauses provide guidance concerning 

the SEC privacy rule’s application in 

ordinary circumstances.47 Consistent 

with this proposal, the SEC proposes 

that one year after the end of the 

transition period, the Sample Clauses 

would be rescinded and no longer 

provide guidance regarding the rule’s 

application to financial institutions 

subject to the SEC’s privacy rule. 

IV. Proposed Effective Dates 

The provisions of the final rule will 

be effective [DATE OF PUBLICATION 

OF THE FINAL RULE], with the 

following exceptions: 

Sec. l.6, paragraph (g) will be 

effective [DATE OF PUBLICATION OF 

THE FINAL RULE] until [DATE 2 

YEARS AFTER PUBLICATION OF THE 

FINAL RULE]. 

Newly redesignated Appendix B will 

be effective [DATE OF PUBLICATION 

OF THE FINAL RULE] until [DATE 2 

YEARS AFTER PUBLICATION OF THE 

FINAL RULE]. 

V. Request for Comments 

The Agencies seek comment on all 

aspects of the proposed model form. 

The Agencies also invite commenters to 

submit any additional consumer 

research that may inform the statutory 

requirements. Commenters proposing 

alternative model notices or elements of 

a notice should submit any available 

supporting consumer research and 

documentation demonstrating that these 

alternatives meet the statutory 

requirements. The Agencies expect to 

do additional testing before finalizing a 

model form. We solicit comment on 

particular approaches to consumer 

testing for the Agencies to consider. 

The Agencies particularly seek 

comment on the following issues: 

A. Content of the Model Form 

1. Whether a commenter believes 

particular aspects of the form are not 

clear and conspicuous or 

comprehensible; and, if so, identify 

those aspects and explain in detail the 

basis for that conclusion. 

2. Whether financial institutions can 

accurately disclose their information 

sharing practices by using the 

standardized provisions and vocabulary 

in the proposed model form, including 

whether the proposed disclosure table 

provides a financial institution with 

sufficient flexibility to disclose its 

sharing practices, or any additional optouts it offers, including a detailed 

explanation of why or why not. 

3. The extent to which modifications 

to the opt-out form are necessary for a 

financial institution to describe its 

information practices accurately, 

facilitate consumer use of the opt-out 

form, or offer additional opt-outs, 

including an explanation of the 

modifications that could be made to 

page one and/or page three in 

accordance with legal requirements and 

the intent to keep the table on the first 

page of the form. 

4. The extent to which financial 

institutions intend to incorporate the 

FCRA section 624 disclosure and optout for affiliate marketing in the model 

form, with an explanation of why or 

why not, and the time period they may 

offer to consumers for the opt-out 

period. 

5. Whether financial institutions 

should be required to alert consumers to 

changes in an institution’s privacy 

practices as part of the model form. 

B. Format of the Model Form 

1. Whether each page of the proposed 

model form should be required to be on 

a separate piece of paper or whether 

another format could also allow 

consumers to readily see all the 

information in the model form at the 

same time. 

2. Whether the guidance on easily 

readable type font in the instructions is 

helpful and/or sufficient for institutions 

that use the proposed model form. 

3. What size paper would be 

appropriate for the model form while 

conforming to the guidance for easily 

readable type font and layout. 

4. Whether financial institutions want 

to use color and/or logos on the 

proposed model form, and the manner 

and extent to which they would use 

them without conflicting with 

readability of the form and space 

requirements. 

C. Additional Information 

1. The extent to which financial 

institutions subject to the GLB Act are 

likely to use the proposed model form, 

including a detailed explanation of why 

the commenter does or does not expect 

financial institutions to use the form. 

2. Particular approaches to additional 

consumer testing of the model form that 

the Agencies should consider. 

3. The proposal to replace the Sample 

Clauses with the proposed model form, 

including—(1) the transition period 

after which use of these clauses no 

longer qualifies for a safe harbor, or, for 

institutions subject to the SEC’s privacy 

rule, guidance concerning the rule’s 

application and (2) whether the 

Agencies should retain Sample Clauses 

A–1, A–3, and A–7, or develop model 

clauses to replace those sample clauses, 

for use as a safe harbor only by those 

institutions that provide the simplified 

notice described in section l.6(c)(5) 

(NCUA 716.6(e)(5)) of the privacy rule. 

4. Whether the Agencies should 

develop a Web-based design for those 


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14956 Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Proposed Rules 

48As noted above, see supra notes 26, 33, the SEC 

model privacy form provides slightly modified 

terms on pages one and two of the model form, 

which include the range of information typically 

collected by brokers, dealers, investment advisers 

registered with the SEC, and investment companies. 

49The SEC also is proposing the amendments 

under section 504 of the GLB Act [15 U.S.C. 6804], 

section 23 of the Securities Exchange Act of 1934 

[15 U.S.C. 78w], section 38(a) of the Investment 

Company Act of 1940 [15 U.S.C. 80a–37(a)], and 

section 211 of the Investment Advisers Act of 1940 

[15 U.S.C. 80b–11]. 

The CFTC also is proposing the amendments 

under Section 504 of the GLB Act [15 U.S.C. 6804], 

and Sections 5g and 8a(5) of the Commodity 

Exchange Act [7 U.S.C. 7b–2, 12a(5)]. 

financial institutions that would like to 

use an electronic version of the 

proposed model form, and if so, 

whether institutions have suggestions 

for particular design and/or technical 

considerations. 

5. Whether the Agencies should 

develop and make available on their 

Web sites a readily accessible and 

downloadable model form with 

‘‘fillable’’ fields for institutions that 

wish to use the model form to create 

their own privacy notices; if so, whether 

institutions would use this 

downloadable model form; and whether 

it would be useful, particularly for 

smaller institutions that want to obtain 

the safe harbor. 

6. Whether an SEC-regulated entity 

and an affiliated institution regulated by 

another Agency that intend to provide a 

joint privacy notice should be able to 

choose to rely on either the SEC model 

privacy form or the model privacy form 

proposed by the other Agency.48

7. The Agencies are aware that many 

institutions, but not all, currently 

request the customer to provide his or 

her account number or Social Security 

number (or other personal information, 

separately or in conjunction with such 

information) in order to opt out, 

whether by toll-free telephone, by 

electronic means such as e-mail, or by 

regular mail. Do institutions need that 

information in order to process opt-out 

requests, or would the customer’s name 

and address alone, or the customer’s 

name, address, and a truncated account 

number for a single account, be 

sufficient to process opt-out requests, 

including for customers with multiple 

accounts at the same institution? Should 

the Agencies consider omitting a line for 

such information on the opt-out page for 

the model privacy form in order to 

better protect customers and make it 

easier to opt out? Alternatively, should 

the opt-out page on the model form 

contain a line for a truncated account 

number or other identifying 

information? 

The SEC specifically requests the 

following additional comment from its 

regulated entities: 

1. Whether the standardized 

provisions and vocabulary in the 

proposed model form for SEC-regulated 

financial institutions are sufficient to 

allow these financial institutions 

accurately to disclose their information 

sharing practices, and specifically on 

the terms used in: (a) the description of 

the types of personal information that 

may be collected (in the key frame on 

page one), and (b) the examples of 

sources of information collection (in the 

FAQ on sharing practices on page two). 

The SEC requests that commenters who 

believe the proposed terms are not 

sufficient suggest alternative or 

additional terms that would be more 

accurate and explain why those terms 

would more accurately reflect typical 

information collection and sharing 

practices for brokers, dealers, 

investment advisers registered with the 

SEC, and investment companies. 

2. Whether institutions should be able 

to omit certain terms that may not apply 

to their information collection practices 

or their sources of information. 

VI. Regulatory Flexibility Act 

The Regulatory Flexibility Act 

(‘‘RFA’’), 5 U.S.C. 601–612, requires an 

agency to provide an Initial Regulatory 

Flexibility Analysis (‘‘IRFA’’) with a 

proposed rule and a Final Regulatory 

Flexibility Analysis (‘‘FRFA’’) with the 

final rule, if any, unless the agency 

certifies that the rule would not have a 

significant economic impact on a 

substantial number of small entities. See 

5 U.S.C. 603–605. Because the use of the 

model form issued in this proposal is 

optional, the Agencies do not expect 

that the rule will have a significant 

economic impact on a substantial 

number of small entities. However, 

because the statute creates a new safe 

harbor for institutions by replacing the 

Sample Clauses in the current rule, with 

a model form, we have determined that 

it is appropriate to publish the following 

IRFA in order to inquire into the impact 

of the proposed rule on small entities. 

A. Reasons for the Proposed Action 

The Agencies are issuing this 

proposed rule for comment because the 

Regulatory Relief Act specifically 

requires them, no later than April 11, 

2007, to publish for comment a model 

form that financial institutions may use 

as a safe harbor to satisfy their notice 

requirements under the Agencies’

existing privacy rule. 

B. Objectives of, and Legal Basis for, the 

Proposed Action 

The goal of the proposed amendments 

is to satisfy the requirements of section 

728 of the Regulatory Relief Act, which 

requires that the Agencies propose a 

model form that is comprehensible, 

clear and conspicuous, and succinct. 

The final model form that the Agencies 

adopt after reviewing comments would, 

if properly used, serve as a safe harbor 

for satisfying the privacy rule’s 

requirements regarding content of 

privacy notices. The Act also requires 

that the proposed model form enable 

consumers easily to identify a financial 

institution’s sharing practices and 

compare it with others. 

As indicated in Section I of this 

release, the amendments to Appendix A 

of the Agencies’ privacy rule are 

proposed pursuant to the authority set 

forth in § 503 (as amended by section 

728 of the Regulatory Relief Act) and 

§ 504 of the GLB Act.49

C. Small Entities Subject to the 

Proposed Rule Amendments 

The proposed amendments to 

Appendix A and conforming 

amendments to sections l.2, l.6, and 

l.7 of the Agencies’ privacy rules could 

potentially affect financial institutions, 

including financial institutions that are 

small businesses or small organizations, 

that choose to rely on the proposed 

model privacy form as a safe harbor. 

1. OCC. The OCC estimates that 1,050 

insured national banks, uninsured 

national banks and trust companies, and 

foreign branches and agencies are small 

entities for purpose of the Regulatory 

Flexibility Act. 

2. Board. The Board estimates that 

473 state member banks are small 

entities for purposes of the Regulatory 

Flexibility Act. 

3. FDIC. The FDIC estimates that 

3,302 state nonmember banks are small 

entities for purposes of the Regulatory 

Flexibility Act. 

4. OTS. The OTS estimates that 429 

small savings associations are small 

entities for purposes of the Regulatory 

Flexibility Act. 

5. NCUA. The Regulatory Flexibility 

Act requires NCUA to prepare an 

analysis to describe any significant 

economic impact a regulation may have 

on a substantial number of small credit 

unions (primarily those under $10 

million in assets). The NCUA estimates 

that 3,805 credit unions are small 

entities for purposes of the Regulatory 

Flexibility Act. 

6. FTC. Determining a precise 

estimate of the number of small entities 

that are financial institutions within the 

meaning of the proposed rule is not 

readily feasible. The GLB Act does not 

identify for purposes of the 

Commission’s jurisdiction any specific 


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50For purposes of the Regulatory Flexibility Act, 

under the Securities Exchange Act of 1934 a small 

entity is a broker or dealer that (i) had total capital 

of less than $500,000 on the date in its prior fiscal 

year as of which its audited financial statements 

were prepared or, if not required to file audited 

financial statements, on the last business day of its 

prior fiscal year, and (ii) is not affiliated with any 

person that is not a small entity and is not affiliated 

with any person that is not a small entity. 17 CFR 

240.0–1. Under the Investment Company Act of 

1940, a ‘‘small entity’’ is an investment company 

that, together with other investment companies in 

the same group of related investment companies, 

has net assets of $50 million or less as of the end 

of its most recent fiscal year. 17 CFR 270.0–10. 

Under the Investment Advisers Act of 1940, a small 

entity is an investment adviser that ‘‘(i) manages 

less than $25 million in assets, (ii) has total assets 

of less than $5 million on the last day of its most 

recent fiscal year, and (iii) does not control, is not 

controlled by, and is not under common control 

with another investment adviser that manages $25 

million or more in assets, or any person that had 

total assets of $5 million or more on the last day 

of the most recent fiscal year.’’ 17 CFR 275.0–7. 

51The Agencies have requested comment on the 

likelihood that financial institutions would use the 

model privacy form. See supra section V. 

52We believe that institutions review their 

privacy policies annually, and the costs associated 

with this annual review, including professional 

costs, for compliance are likely to be the same as 

the costs to complete the proposed model form. 

category of financial institution. In the 

absence of such information, there is no 

way to estimate precisely the number of 

affected entities that share nonpublic 

personal information with nonaffiliated 

third parties or that establish customer 

relationships with consumers and 

therefore assume greater disclosure 

obligations. 

7. CFTC. The CFTC is unable to 

determine a precise estimate of its 

registrants that are small entities, or that 

would be using the model form. 

8. SEC. The SEC estimates that 911 

broker-dealers, 210 investment 

companies registered with the 

Commission, and 710 investment 

advisers registered with the Commission 

are small entities for purposes of the 

Regulatory Flexibility Act.50

Because use of the model privacy 

form would be entirely voluntary, the 

Agencies have no way to estimate how 

many small financial institutions would 

use it.51 The Agencies expect, however, 

that small financial institutions, 

particularly those that do not have 

permanent staff available to address 

compliance matters associated with the 

privacy rule, would be relatively more 

likely to rely on the model privacy form 

than larger institutions. We believe that 

most financial institutions currently 

have legal counsel review their privacy 

notices for compliance with the GLB 

Act, the FCRA, and the privacy rule. We 

believe that a financial institution that 

uses the model form for its privacy 

notice would need little, if any, review 

by legal counsel because the proposed 

regulation does not permit institutions 

to vary the form to obtain the benefit of 

a safe harbor, except as necessary to 

identify their sharing and opt-out 

policies. 

D. Reporting, Recordkeeping, and Other 

Compliance Requirements 

The proposed rule does not itself 

impose any additional recordkeeping, 

reporting, disclosure, or compliance 

requirements. Financial institutions, 

including small entities, have been 

required to provide notice to consumers 

about the institution’s privacy policies 

and practices since July 1, 2001 (or 

March 31, 2002 in the case of the CFTC). 

The proposed amendments would not 

affect these requirements and financial 

institutions would be under no 

obligation to modify their current 

privacy notices as a result of the 

proposed amendments. Instead, the 

amendments propose a specific model 

privacy form that a financial institution 

may use to comply with notice 

requirements under the GLB Act, the 

FCRA (as amended by the FACT Act), 

and the privacy rule. Nonetheless, if the 

proposed amendments are adopted, 

some of the financial institutions that 

rely on the Sample Clauses in the 

current privacy rules’ appendixes may 

wish to transition to the proposed 

model form and may incur some small, 

incremental costs in making this 

transition.52 The Agencies expect, 

however, that the availability of a 

standardized model form would offset 

these costs because the form’s 

standardized formatting and language 

would make it easier for institutions to 

prepare and revise their privacy 

policies. 

E. Duplicative, Overlapping, or 

Conflicting Federal Rules 

We believe there are no federal rules 

that duplicate, overlap, or conflict with 

the proposed amendments. In fact, the 

Agencies have designed the model form 

so that a financial institution may use it 

to satisfy disclosure requirements for 

both the GLB Act and the FCRA (as 

amended by the FACT Act). 

F. Significant Alternatives 

The RFA directs the Agencies to 

consider significant alternatives that 

would accomplish the stated objectives, 

while minimizing any significant 

adverse impact on small entities. In 

connection with the proposed 

amendments, we considered the 

following alternatives: 

1. Different reporting or compliance 

standards. As noted above, the 

Regulatory Relief Act requires the 

Agencies to publish ‘‘a’’ model form 

that, among other things, will facilitate 

comparison of the information sharing 

practices of different financial 

institutions. In light of these statutory 

requirements, the Agencies are 

proposing only one model form, which 

includes alternative language in some 

places that allows a financial institution 

to accurately describe its particular 

information sharing practices. The 

specific model form that the Agencies 

are proposing was developed as part of 

a careful and thorough consumer testing 

process designed to produce a clear, 

comprehensible, and comparable notice. 

The proposed model form emerged as 

the most effective of several notice 

formats considered as part of this 

testing. Although the Agencies know of 

no other model privacy notice that has 

been developed in this manner, we are 

specifically inviting comments about 

alternative model notices or elements of 

notices, along with supporting research 

and documentation. The Agencies will 

carefully consider any such submissions 

before adopting a final model form. 

2. Clarification, consolidation, or 

simplification of reporting and 

compliance requirements. The Agencies 

believe that the proposed model form 

would simplify the reporting 

requirements for all entities, including 

small entities, that choose to use the 

model form. We anticipate that financial 

institutions that choose to use the 

proposed model form would spend less 

time preparing notices than if they had 

to draft one on their own. Because the 

model form was developed as part of a 

consumer testing process, it is difficult 

for the Agencies to further clarify, 

consolidate, or simplify the model 

notice without compromising the 

research findings. 

3. Performance rather than design 

standards. Section 728 of the Regulatory 

Relief Act specifically requires that the 

Agencies propose a model form. The 

model form is an alternative means of 

providing a privacy notice that 

institutions may choose to use. The 

privacy rule does not mandate the 

format of privacy notices; thus neither 

the rule nor the proposed amendment 

would impose a design standard. 

4. Exempting small entities. We 

believe that an exemption for small 

entities would not be appropriate or 

desirable. The Agencies note that the 

model form is available for use at the 

discretion of all financial institutions, 

including small institutions. Moreover, 

two key objectives of the proposed 

model form are that (1) consumers can 

understand an institution’s information 

sharing practices and (2) they may more 


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53We have asked for comment in section V on 

whether a downloadable version of the model form 

would be useful. 

easily compare financial institutions’

sharing practices and policies across 

privacy notices. An exemption for small 

entities would directly conflict with 

both of these key objectives, particularly 

enabling comparison across notices. 

G. Solicitation of Comments 

We encourage the submission of 

comments with respect to any aspect of 

this IRFA. In particular, we request 

comments regarding: (i) The number of 

small entities that would be affected by 

the proposed amendments; (ii) the 

existence or nature of the potential 

impact of the proposed amendments on 

small entities discussed in the analysis; 

(iii) how to quantify the impact of the 

proposed amendments; and (iv) the 

consideration of alternatives. 

Commenters are asked to describe the 

nature of any impact and provide 

empirical data supporting the extent of 

the impact. As noted above in Section 

V, the Agencies specifically request 

comment on whether a downloadable 

version of the proposed model form 

would be useful for financial 

institutions, and particularly small 

entities that would like to take 

advantage of the safe harbor. All 

comments on this IRFA will be 

considered in the preparation of the 

Final Regulatory Flexibility Analysis, if 

the proposed amendments are adopted. 

VII. Paperwork Reduction Act 

The final rules governing the privacy 

of consumer financial information 

contain disclosures that are considered 

collections of information under the 

Paperwork Reduction Act (PRA, 44 

U.S.C. 3501 et seq.). Before the Agencies 

issued their privacy rules, they obtained 

approval from OMB for the collections. 

OMB control numbers for the 

collections appear below. These 

proposed rules do not introduce any 

new collections of information into the 

Agencies’ privacy rules, nor do they 

amend the rules in a way that 

substantively modifies the collections of 

information that OMB has approved. 

Therefore, no PRA submissions to OMB 

are required. 

OCC: Control number 1557–0216. 

Board: Control number 7100–0294. 

FDIC: Control number 3064–0136. 

OTS: Control number 1550–0103. 

NCUA: Control number 3133–0163 

(NCUA in separate submissions to OMB 

is currently in the process of requesting 

reinstatement, with revisions due to the 

decrease in the number of respondent 

credit unions, to this number.) 

FTC: Control number 3084–0121. 

SEC: Control number 3235–0537. 

CFTC: Control number 3038–0055. 

OCC and OTS Executive Order 12866 

Determination 

The OCC and OTS each has 

determined that its portion of the 

proposed rulemaking is not a significant 

regulatory action under Executive Order 

12866. 

OCC and OTS Executive Order 13132 

Determination 

The OCC and OTS each has 

determined that its portion of the 

proposed rulemaking does not have any 

federalism implications, as required by 

Executive Order 13132. 

NCUA Executive Order 13132 

Determination 

Executive Order 13132 encourages 

independent regulatory agencies to 

consider the impact of their actions on 

State and local interests. In adherence to 

fundamental federalism principles, the 

NCUA, an independent regulatory 

agency as defined in 44 U.S.C. 3502(5) 

voluntarily complies with the Executive 

Order. The proposed rule would not 

have substantial direct effects on the 

States, on the connection between the 

national government and the States, or 

on the distribution of power and 

responsibilities among the various 

levels of government. The NCUA has 

determined that this proposed rule does 

not constitute a policy that has 

federalism implications for purposes of 

the Executive Order. 

OCC and OTS Unfunded Mandates 

Reform Act of 1995 Determination 

Section 202 of the Unfunded 

Mandates Reform Act of 1995, Public 

Law 104–4 (Unfunded Mandates Act) 

requires that an agency prepare a 

budgetary impact statement before 

promulgating a rule that includes a 

Federal mandate that may result in 

expenditure by State, local, and tribal 

governments, in the aggregate, or by the 

private sector, of $100 million or more 

in any one year. If a budgetary impact 

statement is required, section 205 of the 

Unfunded Mandates Act also requires 

an agency to identify and consider a 

reasonable number of regulatory 

alternatives before promulgating a rule. 

However, the Unfunded Mandates Act 

provisions do not apply to regulations 

that incorporate requirements 

specifically set forth in law. Because 

this notice of proposed rulemaking is 

issued pursuant to section 728 of the 

Regulatory Relief Act, the OTS and OCC 

are not required to conduct an 

Unfunded Mandates Analysis for this 

rulemaking. Nevertheless, the OCC and 

OTS each has determined that this 

proposed rule will not result in 

expenditures by State, local, and tribal 

governments, or by the private sector, of 

$100 million or more. Accordingly, 

neither the OCC nor the OTS has 

prepared a budgetary impact statement 

or specifically addressed the regulatory 

alternatives considered. 

SEC Cost Benefit Analysis 

The SEC is sensitive to the costs and 

benefits imposed by its rules. As 

discussed above, the amendments the 

Agencies are proposing today would 

replace the sample clauses included in 

Regulation S–P’s Appendix A (17 CFR 

part 248, appendix A) with a model 

privacy form that financial institutions 

could choose to provide to consumers. 

The proposed amendments are designed 

to implement section 728 of the 

Regulatory Relief Act. This Act directs 

the Agencies to ‘‘jointly develop a 

model form which may be used, at the 

option of the financial institution, for 

the provision of disclosures under 

[section 503 of the GLB Act].’’ Use of the 

model form would be voluntary so a 

financial institution could itself 

determine the benefits and costs in 

deciding whether using the model form 

would be suitable for its business and 

customers. Moreover, a financial 

institution that elected to use the model 

privacy form would benefit from the 

safe harbor it provides for disclosures 

required under the GLB Act. There 

would be no incremental costs of the 

information requirements for the 

proposed model privacy form because 

the disclosures are already required 

under Regulation S–P. However, 

financial institutions could incur some 

personnel costs in implementing the 

proposed model form. We expect these 

would be minimal because the language 

and format in the form are standardized 

and particularly if the form could be 

downloaded from a Web site.53

Financial institutions can only 

customize very limited sections of the 

model privacy form. Insofar as the 

Sample Clauses in current Regulation 

S–P may have some value to some 

financial institutions, their phase-out 

under the proposed amendments to the 

rule could create some costs to those 

institutions. If financial institutions, 

including SEC-regulated institutions, 

make widespread use of the model 

privacy form, we anticipate that 

consumers will benefit from notices that 

are more comprehensible and easier to 

compare and use. 


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54See 17 CFR 248.2(a). 

55Pub. L. 104–121, Title II, 110 Stat. 857 (1996). 

56See 15 U.S.C. 78w(a)(2). 

A. Benefits 

We anticipate that brokers, dealers, 

investment advisers registered with the 

SEC, and investment companies would 

benefit from the proposed model 

privacy form’s standardized formatting 

and language. The notice requirements 

of Regulation S–P have been effective 

since July 1, 2001, and would not be 

altered by the proposed amendments, 

but new brokers, dealers, investment 

companies, and registered investment 

advisers would be able to use the model 

privacy form without investing the time 

and resources previously necessary to 

develop their own notices. We believe 

that institutions currently review their 

Regulation S–P privacy policies 

annually. To the extent that these 

institutions are required to change their 

policies to reflect changes in their 

privacy practices, they may find it easier 

to use the proposed model privacy form 

as a revised or annual privacy notice 

rather than to revise their existing 

notices. In addition, the SEC expects 

that revisions to an institution’s privacy 

policies would be easier to record in the 

model form’s standardized format. The 

SEC also anticipates that a financial 

institution that chooses to use the model 

notice would need little, if any, ongoing 

review by legal counsel because an 

institution cannot vary the form except 

as necessary to identify certain specific 

sharing and opt-out policies. 

Appendix A of Regulation S–P 

currently contains sample clauses that 

the SEC has said provide guidance in 

ordinary circumstances. The SEC has 

said, however, that the ‘‘facts and 

circumstances of each individual 

situation’’ will determine whether ‘‘use 

of a sample clause’’ constitutes 

compliance.54 In contrast, if the 

proposed amendments are adopted, 

SEC-regulated institutions would 

benefit from the certainty that proper 

use of the model notice entitles them to 

a safe harbor for disclosures required 

under the GLB Act and FCRA. 

Finally, as discussed more fully in 

section I.B above, the proposed model 

form was developed in an extensive 

consumer research testing process that 

evaluated consumers’ ability to 

comprehend, use, and compare privacy 

notices. The SEC anticipates therefore 

that if financial institutions choose to 

use the proposed model form, 

consumers’ comprehension and their 

ability to use and compare privacy 

policies would be enhanced. 

Institutions also might benefit from 

consumers’ enhanced ability to 

understand and use the notices to the 

extent that consumers have more trust 

and confidence in an institution’s 

privacy policies because the consumers 

understand those policies. 

B. Costs 

While the proposed amendments 

would not affect Regulation S–P’s 

substantive requirements, and financial 

institutions would be under no 

obligation to modify their current 

privacy notices, we believe that 

financial institutions that elect to use 

the model privacy form could incur 

some small, incremental costs in making 

the transition from their current notices 

to the proposed model form. These costs 

could include staff time to review the 

model form and its instructions and 

complete the proposed form. As noted 

above, we anticipate there would be 

minimal computer costs associated with 

using the form, particularly if the form 

could be downloaded from a Web site. 

We also believe that a financial 

institution that would use the model 

privacy form would need little, if any, 

review by legal counsel because almost 

all the disclosures in the form are 

mandated. Institution-specific 

information consists of contact 

information, ‘‘yes’’ or ‘‘no’’ answers and 

brief descriptions, as necessary, of the 

types of entities with which they share 

information. Moreover, we believe that 

financial institutions currently review 

their privacy polices annually, and we 

anticipate that the costs associated with 

this annual review would likely be the 

same as the costs of completing the 

model form. Although there may be 

some costs to firms that currently rely 

on the sample clauses for guidance in 

preparing their privacy notices, we 

expect those costs to be minimal. As 

noted above, we believe that financial 

institutions take approximately the 

same time to prepare a notice using the 

proposed form as they currently take to 

review annual notices. Moreover, the 

Agencies are proposing to give financial 

institutions one year in which they can 

continue to rely on the Sample Clauses 

as guidance, which should allow time to 

minimize the costs of transition for 

institutions that would transition to the 

model privacy form. The SEC requests 

commenters to provide data on these 

and any other costs of transition or 

implementation, and to specify the type 

of financial institution (broker, dealer, 

investment adviser registered with the 

Commission, or investment company) 

that would incur the estimated costs. 

As discussed above, we cannot 

estimate the number of institutions that 

would take advantage of the safe harbor. 

Accordingly, we cannot estimate the 

overall costs to broker-dealers, 

investment advisers registered with the 

Commission, and investment companies 

that may use the proposed model form. 

C. Request for Comments 

The SEC requests comment on the 

potential costs and benefits of the 

proposed amendments to Appendix A 

of Regulation S–P. The SEC specifically 

requests comment on the costs of each 

item discussed above that institutions 

could incur in using the model form and 

whether any of those costs would differ 

if the form were downloadable from a 

Web site. Commenters should specify 

the type of institution associated with 

estimates of cost and benefits. The SEC 

encourages commenters to identify, 

discuss, analyze, and supply relevant 

data regarding any additional costs and 

benefits. For purposes of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996,55 the SEC also 

requests information regarding the 

potential impact of the proposals on the 

U.S. economy on an annual basis. 

SEC Consideration of Burden on 

Competition 

Securities Exchange Act Section 

23(a)(2) requires the SEC, in adopting 

rules under that Act, to consider the 

impact that any such rule would have 

on competition.56 Section 23(a)(2) also 

prohibits the SEC from adopting any 

rule that would impose a burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Securities Exchange 

Act. 

As discussed above, the proposed 

amendments to Regulation S–P, 

including the proposed model form, are 

designed to comply with section 728 of 

the Regulatory Relief Act, mandating 

that the Agencies propose a model form 

that is comprehensible, clear and 

conspicuous, and succinct. If adopted, 

SEC-regulated institutions would be 

able to use the model form in order to 

comply with the notice requirements 

under the GLB Act, the FCRA, and 

Regulation S–P. 

The SEC does not expect the proposed 

amendments to have a significant 

impact on competition, and believes 

that any effect on competition would be 

favorable. Use of the proposed model 

form would be voluntary, permitting a 

financial institution to determine 

whether using the model form would 

enhance its competitive position. All 

brokers and dealers, investment 

companies, and registered investment 

advisers would be able to use the model 

form and take advantage of the safe 


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harbor. Other financial institutions 

would be able to use the form and take 

advantage of the safe harbor under 

comparable rules proposed by the other 

Agencies. Under the Regulatory Relief 

Act, the Agencies have worked in 

consultation in order to ensure the 

consistency and comparability of the 

proposed amendments. Therefore, all 

financial institutions would have the 

same opportunity to use the model form 

and rely on the safe harbor. 

Further, if financial institutions 

choose to use the proposed model form, 

the proposed amendments could 

promote competition by enabling 

consumers more easily to understand 

and compare competing institutions’

privacy policies. The SEC also 

anticipates that the proposed model 

form’s standardized formatting would 

reduce the relative burden of 

compliance on smaller financial 

institutions, allowing them to compete 

more effectively with larger institutions 

that are more likely to have a dedicated 

compliance staff. As such, the SEC 

expects any small impact on 

competition caused by the proposed 

amendments would be beneficial. We 

request comment on whether the 

proposal, if adopted, would have an 

impact or burden on competition. 

Commenters are requested to provide 

empirical data and other factual support 

for their views if possible. 

NCUA: The Treasury and General 

Government Appropriations Act, 1999—

Assessment of Federal Regulations and 

Policies on Families 

The NCUA has determined that this 

proposed rule would not affect family 

well-being within the meaning of 

section 654 of the Treasury and General 

Government Appropriations Act, 1999, 

Pub. L. 105–277, 112 Stat. 2681 (1998). 

CFTC Cost-Benefit Analysis 

Section 15 of the Commodity 

Exchange Act requires the CFTC to 

consider the costs and benefits of its 

action before issuing a new regulation 

under the Act. The CFTC understands 

that, by its terms, section 15 does not 

require the CFTC to quantify the costs 

and benefits of a new regulation or to 

determine whether the benefits of the 

proposed regulation outweigh its costs. 

Nor does it require that each proposed 

rule be analyzed piecemeal or in 

isolation when that rule is a component 

of a larger package of rules or rule 

revisions. Rather, section 15 simply 

requires the CFTC to ‘‘consider the costs 

and benefits’’ of its action. 

Section 15 further specifies that costs 

and benefits shall be evaluated in light 

of five broad areas of market and public 

concern: Protection of market 

participants and the public; efficiency, 

competitiveness, and financial integrity 

of futures markets; price discovery; 

sound risk management practices; and 

other public interest considerations. 

Accordingly, the CFTC could in its 

discretion give greater weight to any one 

of the five enumerated areas of concern 

and could in its discretion determine 

that, notwithstanding its costs, a 

particular rule was necessary or 

appropriate to protect the public interest 

or to effectuate any of the provisions or 

to accomplish any of the purposes of the 

Act. 

The CFTC has considered the costs 

and benefits of the proposed model form 

as a totality. The form provides a 

voluntary alternative means of 

complying with existing requirements of 

the privacy provisions of the GLB Act 

and section 5g of the CEA, and thus 

imposes no mandatory new costs. The 

CFTC solicits comment on the 

transitional costs that may be incurred 

by institutions electing to use the model 

form, including costs in addition to 

those already imposed. The CFTC 

believes that the model form should 

benefit futures industry consumer 

customers in better understanding a 

financial institution’s privacy policies, 

and may facilitate customers in 

comparing the privacy policies of 

financial institutions. The Commission 

invites public comment on its 

application of the cost-benefit provision. 

Commenters also are invited to submit 

any data that they may have quantifying 

the costs and benefits of the proposed 

rules with their comment letters. 

List of Subjects 

12 CFR Part 40 

Banks, banking, Consumer protection, 

National banks, Privacy, Reporting and 

recordkeeping requirements. 

12 CFR Part 216 

Banks, banking, Consumer protection, 

Foreign banking, Holding companies, 

Privacy, Reporting and recordkeeping 

requirements. 

12 CFR Part 332 

Banks, banking, Consumer protection, 

Foreign banking, Privacy, Reporting and 

recordkeeping requirements. 

12 CFR Part 573 

Consumer protection, Privacy, 

Reporting and recordkeeping 

requirements, Savings associations. 

12 CFR Part 716 

Consumer protection, Credit unions, 

Privacy, Reporting and recordkeeping 

requirements. 

16 CFR Part 313 

Consumer protection, Credit, Privacy, 

Reporting and recordkeeping 

requirements, Trade practices. 

17 CFR Part 160 

Brokers, Consumer protection, 

Privacy, Reporting and recordkeeping 

requirements. 

17 CFR Part 248 

Brokers, Consumer protection, 

Investment companies, Privacy, 

Reporting and recordkeeping 

requirements, Securities. 

Office of the Comptroller of the 

Currency 

12 CFR Chapter I 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, part 40 of chapter I of title 12 

of the Code of Federal Regulations is 

proposed to be revised as follows: 

PART 40—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 40 

continues to read as follows: 

Authority: 12 U.S.C. 93a; 15 U.S.C. 6801 et 

seq. 

2. Revise § 40.2 to read as follows: 

§ 40.2 Model privacy form and examples. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 40.6 and 40.7 of this 

part, although use of the model privacy 

form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

3. In § 40.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 40.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 40.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 


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4. In § 40.7, add paragraph (i) to read 

as follows: 

§ 40.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 40.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 40—Model Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 40.6 

and 40.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p.3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 40.14 and 40.15 

of this part, the financial institution must 

answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 40.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

40.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p.3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

40.7 and 40.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p.3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize the 

space below the last three definitions in this 

section (affiliates, nonafffiliates, and joint 

marketing). This specific information must be 

in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

40.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 40.14 and 

40.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

40.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 40—Sample Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Federal Reserve System 

12 CFR Chapter II 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the Board proposes to amend 

part 216 of chapter II of title 12 of the 

Code of Federal Regulations as follows: 

PART 216—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

(REGULATION P) 

1. The authority citation for part 216 

continues to read as follows: 

Authority: 15 U.S.C. 6801 et seq. 

2. Revise § 216.2 to read as follows: 

§ 216.2 Model privacy form and examples. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 216.6 and 216.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

3. In § 216.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 216.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 216.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 216.7, add paragraph (i) to read 

as follows: 

§ 216.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 216.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 216—Model Privacy 

Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 216.6 

and 216.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p. 3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 216.14 and 

216.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 216.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

216.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p. 3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

216.7 and 216.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p. 3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonafffiliates, and 

joint marketing). This specific information 

must be in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

216.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 216.14 and 

216.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

216.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 216—Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Federal Deposit Insurance Corporation 

12 CFR Chapter III 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the Federal Deposit Insurance 

Corporation proposes to amend part 332 

of chapter III of title 12 of the Code of 

Federal Regulations as follows: 

PART 332—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 332 

continues to read as follows: 

Authority: 12 U.S.C. 1819 (Seventh and 

Tenth); 15 U.S.C. 6801 et seq. 

2. Revise § 332.2 to read as follows: 

§ 332.2 Model privacy form and examples. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 332.6 and 332.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

3. In § 332.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 332.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 332.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 332.7 add paragraph (i) to read 

as follows: 

§ 332.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 332.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 332—Model 

Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 332.6 

and 332.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p. 3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 332.14 and 

332.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 332.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

332.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p. 3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

332.7 and 332.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p. 3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonaffiliates, and joint 

marketing). This specific information must be 

in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

332.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 332.14 and 

332.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

332.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 332—Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Office of Thrift Supervision 

12 CFR Chapter V 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the Office of Thrift 

Supervision proposes to amend part 573 

of Chapter V of title 12 of the Code of 

Federal Regulations as follows: 

PART 573—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 573 

continues to read as follows: 

Authority: 12 U.S.C. 1462a; 1463, 1464, 

1828; 15 U.S.C. 6801 et seq. 

2. Revise § 573.2 to read as follows: 

§ 573.2 Model privacy form and examples. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 573.6 and 573.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

3. In § 573.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 573.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 573.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 573.7, add paragraph (i) to read 

as follows: 

§ 573.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 573.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 573—Model 

Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 573.6 

and 573.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p. 3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 573.14 and 

573.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 573.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

573.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p. 3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

573.7 and 573.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p. 3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonafffiliates, and 

joint marketing). This specific information 

must be in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

573.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 573.14 and 

573.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

573.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out ‘‘ by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italic, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 573—Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

National Credit Union Administration 

12 CFR Chapter V 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the National Credit Union 

Administration proposes to amend part 

716 of Chapter V of title 12 of the Code 

of Federal Regulations as follows: 

PART 716—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 716 

continues to read as follows: 

Authority: 12 U.S.C. 1751 et seq.; 15 U.S.C. 

6801 et seq. 

2. Revise § 716.2 to read as follows: 

§ 716.2 Model privacy form and examples. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 716.6 and 716.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

3. In § 716.6, add paragraphs (f) and 

(g) to read as follows: 

§ 716.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 716.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 716.7 add paragraph (i) to read 

as follows: 

§ 716.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 716.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as 

Appendix B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 


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Appendix A to Part 716—Model 

Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of affiliates that use a common privacy 

notice, to meet the content requirements of 

the privacy notice and opt-out notice set 

forth in sections 716.6 and 716.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p. 3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 716.14 and 

716.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 716.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

716.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p. 3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

716.7 and 716.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p.3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonaffiliates, and joint 

marketing). This specific information must be 

in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

716.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 716.14 and 

716.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

716.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) Share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

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out form must be provided on a separate page 

of the model form. 

(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 716—Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Federal Trade Commission 

16 CFR Chapter I 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the Federal Trade 

Commission proposes to amend part 

313 of chapter I of title 16 of the Code 

of Federal Regulations as follows: 

PART 313—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 313 

continues to read as follows: 

Authority: 15 U.S.C. 6801 et seq. 

2. Revise § 313.2 to read as follows: 

§ 313.2 Model privacy form and rules of 

construction. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 313.6 and 313.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

(c) Compliance. For non-federally 

insured credit unions, compliance with 

an example contained in 12 CFR part 

716, to the extent applicable, constitutes 

compliance with this part. For intrastate 

securities broker-dealers and investment 

advisors not registered with the 

Securities and Exchange Commission, 

compliance with an example contained 

in 17 CFR part 248, to the extent 

applicable, constitutes compliance with 

this part. 

3. In § 313.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 313.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 313.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 313.7 add paragraph (i) to read 

as follows: 

§ 313.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 313.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 


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Appendix A to Part 313—Model 

Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the model privacy form is used. 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 313.6 

and 313.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p. 3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 313.14 and 

313.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 313.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

313.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p. 3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

313.7 and 313.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p. 3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonafffiliates, and 

joint marketing). This specific information 

must be in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

313.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 313.14 and 

313.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’ 

(d) Joint Marketing. As required by section 

313.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 313–Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Commodity Futures Trading 

Commission 

17 CFR Chapter I 

Authority and Issuance 

For the reasons set forth in the joint 

preamble, the Commodity Futures 

Trading Commission proposes to amend 

part 160 of chapter I of title 17 of the 

Code of Federal Regulations as follows: 

PART 160—PRIVACY OF CONSUMER 

FINANCIAL INFORMATION 

1. The authority citation for part 160 

continues to read as follows: 

Authority: 7 U.S.C. 7b–2 and 12a(5); 15 

U.S.C. 6801 et seq. 

2. Revise § 160.2 to read as follows: 

§ 160.2 Model privacy form and rules of 

construction. 

(a) Model privacy form. Use of the 

model privacy form in Appendix A of 

this part, consistent with the 

instructions in Appendix A, constitutes 

compliance with the notice content 

requirements of §§ 160.6 and 160.7 of 

this part, although use of the model 

privacy form is not required. 

(b) Examples. The examples in this 

part are not exclusive. Compliance with 

an example, to the extent applicable, 

constitutes compliance with this part. 

(c) Substituted compliance. 

(1) Any person or entity otherwise 

subject to this part that is subject to and 

in compliance with the Securities and 

Exchange Commission Regulation S–P, 

17 CFR part 248, will be deemed to be 

in compliance with this part. 

(2) Any commodity trading advisor 

otherwise subject to this part that is 

registered or required to be registered as 

an investment adviser in the state in 

which it maintains its principal office 

and place of business as defined in 

§ 275.203A–3 of this title, and that is 

subject to and in compliance with 16 

CFR part 313, will be deemed to be in 

compliance with this part. 

3. In § 160.6, revise paragraph (f) and 

add paragraph (g) to read as follows: 

§ 160.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model privacy form. Pursuant to 

§ 160.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. Use of a sample 

clause in a privacy notice provided on 

or before [DATE ONE YEAR 

FOLLOWING THE DATE OF 

PUBLICATION OF THE FINAL RULE], 

to the extent applicable, constitutes 

compliance with this part. 

4. In § 160.7 add paragraph (i) to read 

as follows: 

§ 160.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model privacy form. Pursuant to 

§ 160.2(a) of this part, a model privacy 

form that meets the notice content 

requirements of this section is included 

in Appendix A of this part. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A as 

Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 160—Model 

Privacy Form 

A. The Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form Is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 160.6 

and 160.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681–

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The Contents of the Model Privacy Form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 

(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 


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C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p.3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 160.14 and 

160.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 160.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

160.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes ‘‘ information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A) (i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes ‘‘ information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the model 

form to satisfy their obligations under this 

part must include this reason for sharing as 

set forth in the model form in order to obtain 

the benefit of the safe harbor. Institutions 

whose affiliates receive such information and 

use it for marketing must answer ‘‘Yes’’ in 

the middle column, and ‘‘Yes (Check your 

choices, p.3)’’ in the right column 

corresponding to the availability of an optout. Institutions whose affiliates receive such 

information and do not use it for marketing 

may elect to include this provision in the 

model form and answer ‘‘No’’ in the middle 

column and ‘‘We don’t share’’ in the right 

column; however, institutions whose 

affiliates receive such information and do not 

use it for marketing are not required to use 

this provision. Institutions that do not have 

affiliates and elect to include this provision 

in their notice will answer ‘‘No’’ in the 

middle column and ‘‘We don’t share’’ in the 

right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

160.7 and 160.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p.3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonafffiliates, and 

joint marketing). This specific information 

must be in italicized lettering to set off the 

information from the standardized 

definitions. 

(b) Affiliates. As required by section 

160.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 160.14 and 

160.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

160.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’

4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) Share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 


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(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

7. Amend newly redesignated 

Appendix B by adding a new sentence 

immediately after the heading: 

Appendix B to Part 160—Sample 

Clauses 

This Appendix only applies to 

privacy notices provided until the date 

that is on or before one year following 

the date of final publication of this rule. 

* * * 

* * * * * 

Securities and Exchange Commission 

Statutory Authority 

The Commission is proposing to 

amend Regulation S–P pursuant to 

authority set forth in section 728 of the 

Regulatory Relief Act [Pub. L. 109–351], 

section 504 of the GLB Act [15 U.S.C. 

6804], section 23 of the Securities 

Exchange Act [15 U.S.C. 78w], section 

38(a) of the Investment Company Act 

[15 U.S.C. 80a–37(a)], and section 211 of 

the Investment Advisers Act [15 U.S.C. 

80b–11]. 

Text of Proposed Amendments 

For the reasons set forth in the 

preamble, the Commission proposes to 

amend Title 17, Chapter II of the Code 

of Federal Regulations as follows: 

PART 248—REGULATION S–P: 

PRIVACY OF CONSUMER FINANCIAL 

INFORMATION 

1. Revise the authority citation for 

part 248 to read as follows: 

Authority: 15 U.S.C. 78q; 78w; 78mm; 80a–

30(a); 80a–37; 80b–4; 80b–11; 1681w; and 

6801–6809. 

2. Revise § 248.2 to read as follows: 

§ 248.2 Model privacy form; rule of 

construction. 

(a) Model privacy form. Use of Form 

S–P (see Appendix A of this part), 

consistent with the instructions to the 

form, constitutes compliance with the 

notice content requirements of §§ 248.6 

and 248.7 of this part, although use of 

Form S–P is not required. 

(b) Examples. The examples in this 

part provide guidance concerning the 

rule’s application in ordinary 

circumstances. The facts and 

circumstances of each individual 

situation, however, will determine 

whether compliance with an example, 

to the extent practicable, constitutes 

compliance with this part. 

(c) Substituted compliance with CFTC 

financial privacy rules by futures 

commission merchants and introducing 

brokers. Except with respect to 

§ 248.30(b), any futures commission 

merchant or introducing broker (as 

those terms are defined in the 

Commodity Exchange Act (7 U.S.C. 1, et 

seq.)) registered by notice with the 

Commission for the purpose of 

conducting business in security futures 

products pursuant to section 

15(b)(11)(A) of the Securities Exchange 

Act of 1934 (15 U.S.C. 78o(b)(11)(A)) 

that is subject to and in compliance 

with the financial privacy rules of the 

Commodity Futures Trading 

Commission (17 CFR part 160) will be 

deemed to be in compliance with this 

part. 

* * * * * 

3. Amend § 248.6 by revising 

paragraph (f) and adding paragraph (g) 

to read as follows: 

§ 248.6 Information to be included in 

privacy notices. 

* * * * * 

(f) Model Form S–P. Pursuant to 

§ 248.2(a) and Appendix A of this part, 

Form S–P meets the notice content 

requirements of this section. 

(g) Sample clauses. Sample clauses 

illustrating some of the notice content 

required by this section are included in 

Appendix B of this part. The sample 

clauses in Appendix B of this part 

provide guidance concerning the rule’s 

application in ordinary circumstances 

in a privacy notice provided on or 

before [ONE YEAR FOLLOWING THE 

DATE OF PUBLICATION OF THE 

FINAL RULE]. The facts and 

circumstances of each individual 

situation, however, will determine 

whether compliance with a sample 

clause constitutes compliance with this 

part. 

4. Amend § 248.7 by adding 

paragraph (i) to read as follows: 

§ 248.7 Form of opt-out notice to 

consumers; opt-out methods. 

* * * * * 

(i) Model Form S–P. Pursuant to 

§ 248.2(a) and Appendix A of this part, 

Form S–P meets the notice content 

requirements of this section. 

Appendix A [Redesignated as Appendix 

B] 

5. Redesignate Appendix A to Part 

248 as Appendix B. 

6. Add new Appendix A to read as 

follows: 

Appendix A to Part 248—Form S–P 

(1) Any person may obtain a copy of Form 

S–P prescribed for use in this part by written 

request to the Securities and Exchange 

Commission, 100 F Street, NE., Washington, 

DC 20549. Any person also may view this 

form at: [Web site URL]. 

(2) Use of Form S–P by brokers, dealers, 

and investment companies, and investment 


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advisers registered with the Commission 

constitutes compliance with the notice 

content requirements of §§ 248.6 and 248.7 of 

this part. 

7. Form S–P (referenced in Appendix A of 

this part) is added to read as follows: 

Note: The text of Form S–P does not, and 

this amendment will not, appear in the Code 

of Federal Regulations. 

Securities and Exchange Commission—Form 

S–P 

A. Model Privacy Form 


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B. General Instructions 

1. How the Model Privacy Form is Used 

The model form may be used, at the option 

of a financial institution, including a group 

of financial holding company affiliates that 

use a common privacy notice, to meet the 

content requirements of the privacy notice 

and opt-out notice set forth in sections 248.6 

and 248.7 of this part. 

(Note that disclosure of certain 

information, such as assets, income, and 

information from a consumer reporting 

agency, may give rise to obligations under the 

Fair Credit Reporting Act [15 U.S.C. 1681—

1681x] (FCRA), such as a requirement to 

permit a consumer to opt out of disclosures 

to affiliates or designation as a consumer 

reporting agency if disclosures are made to 

nonaffiliated third parties.) 

2. The contents of the model privacy form 

The model form consists of two or three 

pages, depending on whether a financial 

institution shares in a manner that requires 

it to provide a third page with opt-out 

information. 

(a) Page One. The first page consists of the 

following components: 

(1) The title. 

(2) The key frame (Why?, What?, How?). 

(3) The disclosure table (‘‘Reasons we can 

share your personal information’’). 

(4) Contact information. 

(b) Page Two. The second page consists of 

the following components: 

(1) The title. 

(2) The Frequently Asked Questions on 

sharing practices. 

(3) The definitions. 

(c) Page Three. The third page consists of 

a financial institution’s opt-out form. 

3. The Format of the Model Privacy Form 

The model form is a standardized form, 

including page layout, page content, format, 

style, pagination, and shading. No other 

information may be included in the model 

form, and the model form may be modified 

only as described below. 

(a) Easily readable type font. Financial 

institutions that use the model form must use 

an easily readable type font. Easily readable 

type font includes a minimum of 10-point 

font and sufficient spacing between the lines 

of type. 

(b) Logo. A financial institution may 

include a corporate logo on any page of the 

notice, so long as it does not interfere with 

the readability of the model form or the space 

constraints of each page. 


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(c) Page size and orientation. Each page of 

the model form must be printed on one side 

of an 8.5 by 11 inch paper in portrait 

orientation. 

(d) Color. The model form may be printed 

on white or light color paper (such as cream) 

with black or suitable contrasting color ink. 

Spot color may be used to achieve visual 

interest, so long as the color contrast is 

distinctive and the color does not detract 

from the readability of the model form. 

C. Information Required in the Model 

Privacy Form 

The model form is a standardized form, 

and institutions seeking to obtain the safe 

harbor through use of the model form may 

modify the form only as described below: 

1. Name of the Institution or Group of 

Affiliated Institutions Providing the Notice 

Include the name of the financial 

institution or group of affiliated institutions 

providing the notice on the form wherever 

[name of financial institution] appears. 

Contact information, such as the institution’s 

toll-free telephone number, Web address, or 

mailing address, or other contact 

information, should be inserted as 

appropriate, wherever [toll-free telephone] or 

[web address] or [mailing address] appear. 

2. Page One 

(a) General instructions for the disclosure 

table. There are reasons for sharing or using 

personal information listed in the left column 

of the disclosure table. Each of these reasons 

correlates to certain legal provisions 

described below. In the middle column, each 

institution must provide a ‘‘Yes’’ or ‘‘No’’

response in each box that accurately reflects 

its information sharing policies and practices 

with respect to the reason listed on the left. 

Each institution also must complete each box 

in the right column as to whether a consumer 

can limit such sharing. If an institution 

answers ‘‘No’’ to sharing for a particular 

reason in the middle column, it must answer 

‘‘We don’t share’’ in the corresponding right 

column. If an institution answers ‘‘Yes’’ to 

sharing for a particular reason in the middle 

column, it must, in the right column, answer 

either ‘‘No’’ if it does not offer an opt-out or 

‘‘Yes (Check your choices, p.3)’’ if it does 

offer an opt-out. Except for the sixth row 

(‘‘For our affiliates to market to you’’), an 

institution must list all reasons for sharing, 

and complete the middle and right columns 

of the disclosure table. 

(b) Specific disclosures and corresponding 

legal provisions. 

(1) For our everyday business purposes. 

Because all financial institutions share 

information for everyday business purposes, 

as contemplated by sections 248.14 and 

248.15 of this part, the financial institution 

must answer ‘‘Yes’’ to the sharing of such 

information and ‘‘No’’ to the availability of 

an opt-out. 

(2) For our marketing purposes. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that shares for this reason may 

or may not elect to provide an opt-out and 

must provide the corresponding answer in 

the right column as described in paragraph 

C.2.(a) of this Instruction. This provision 

includes service providers contemplated by 

section 248.13 of this part. 

(3) For joint marketing with other financial 

companies. As contemplated by section 

248.13 of this part, the financial institution 

must answer ‘‘Yes’’ or ‘‘No’’ in the middle 

column. An institution that does not share 

for this reason must answer ‘‘We don’t share’’

in the right column. An institution that 

shares for this reason may or may not elect 

to provide an opt-out and must provide the 

corresponding answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(4) For our affiliates’ everyday business 

purposes—information about transactions 

and experiences. This provision applies to 

sharing of certain information with an 

institution’s affiliates, as contemplated by 

sections 603(d)(2)(A)(i) and (ii) of the FCRA. 

The financial institution must answer ‘‘Yes’’

or ‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason may or 

may not elect to provide an opt-out and must 

provide the corresponding answer in the 

right column as described in paragraph 

C.2.(a) of this Instruction. 

(5) For our affiliates’ everyday business 

purposes—information about 

creditworthiness. This provision applies to 

the sharing of certain information with an 

institution’s affiliates, as contemplated by 

section 603(d)(2)(A)(iii) of the FCRA. The 

financial institution must answer ‘‘Yes’’ or 

‘‘No’’ in the middle column. An institution 

that does not share for this reason must 

answer ‘‘We don’t share’’ in the right column. 

An institution that does not have any 

affiliates will also use this answer. 

Institutions that share for this reason must 

provide an opt-out and must provide the 

appropriate answer in the right column as 

described in paragraph C.2.(a) of this 

Instruction. 

(6) For our affiliates to market to you. This 

provision applies to information shared 

among affiliates that is used by those 

affiliates for marketing, as contemplated by 

section 624 of the FCRA. Following the 

effective date of the rules implementing 

section 624, institutions that elect to 

incorporate this provision into the notice 

required under this part must include this 

reason for sharing as set forth in the model 

form. Institutions whose affiliates receive 

such information and use it for marketing 

must answer ‘‘Yes’’ in the middle column, 

and ‘‘Yes (Check your choices, p.3)’’ in the 

right column corresponding to the 

availability of an opt-out. Institutions whose 

affiliates receive such information and do not 

use it for marketing may elect to include this 

provision in the model form and answer 

‘‘No’’ in the middle column and ‘‘We don’t 

share’’ in the right column; however, 

institutions whose affiliates receive such 

information and do not use it for marketing 

are not required to use this provision. 

Institutions that do not have affiliates and 

elect to include this provision in their notice 

will answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

(7) For nonaffiliates to market to you. This 

provision applies to sharing under sections 

248.7 and 248.10(a) of this part. Financial 

institutions that do not share for this reason 

must answer ‘‘No’’ in the middle column and 

‘‘We don’t share’’ in the right column. 

Financial institutions that do share for this 

reason must answer ‘‘Yes’’ in the middle 

column and ‘‘Yes (check your choices, p. 3)’’

corresponding to the availability of an optout. 

(8) Additional opt-outs. A financial 

institution may customize the model form to 

offer opt-outs beyond those required under 

Federal law, so long as the additional 

information falls within the space constraints 

of the model form. If the institution chooses 

to offer its customers an opt-out for its own 

marketing or for joint marketing, for example, 

it can provide for that option by stating: ‘‘Yes 

(Check your choices, p.3)’’ as to the 

availability of the opt-out. 

3. Page Two 

(a) General instructions for the Definitions. 

The financial institution must customize 

the space below the last three definitions in 

this section (affiliates, nonafffiliates, and 

joint marketing). 

This specific information must be in 

italicized lettering to set off the information 

from the standardized definitions. 

(b) Affiliates. As required by section 

248.6(a)(3) of this part, the financial 

institution must identify the categories of its 

affiliates or state ‘‘[name of financial 

institution] has no affiliates’’ in italicized 

lettering where [affiliate information] 

appears. A financial institution that shares 

with affiliates must use, as applicable, the 

following format: ‘‘Our affiliates include 

companies with a [name of financial 

institution] name; financial companies such 

as [list companies]; and nonfinancial 

companies, such as [list companies].’’

(c) Nonaffiliates. If the financial institution 

shares with nonaffiliated third parties 

outside the exceptions in sections 248.14 and 

248.15 of this part, the institution must 

identify the types of nonaffiliated third 

parties with which it shares or state ‘‘[name 

of financial institution] does not share with 

nonaffiliates so they can market to you.’’ in 

italicized lettering where [nonaffiliate 

information] appears. A financial institution 

that shares with nonaffiliated third parties as 

described here must use, as applicable, the 

following format: ‘‘Nonaffiliates we share 

with can include [list categories of companies 

such as mortgage companies, insurance 

companies, direct marketing companies, and 

nonprofit organizations].’’

(d) Joint Marketing. As required by section 

248.13 of this part, the financial institution 

must identify the types of financial 

institutions with which it engages in joint 

marketing or state ‘‘[name of financial 

institution] doesn’t jointly market.’’ in 

italicized lettering where [joint marketing] 

appears. A financial institution that shares 

with joint marketing partners must use, as 

applicable, the following format: ‘‘Our joint 

marketing partners include [list categories of 

companies such as credit card companies].’’


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4. Page Three 

Opt-out form. Financial institutions must 

use page three only if they: (1) Share or use 

information in a manner that triggers an optout; or (2) choose to provide an opt-out (as 

disclosed in the table on page 1) in addition 

to what is required by law. The model optout form must be provided on a separate page 

of the model form. 

(a) Contact us. The section describes three 

common methods by which a consumer 

exercises an opt-out—by telephone, on the 

Web, and by mail. Financial institutions may 

customize this section to provide for the 

particular opt-out methods and options the 

institution provides. For example, if an 

institution offers opting out by telephone and 

the Web but not by mail, it would provide 

only telephone and Web information as 

shown in the model form in the ‘‘Contact Us’’

box. Only institutions that allow more than 

30 days after providing the notice before 

sharing information may change the number 

of days in the lower right hand section of the 

box. 

(b) Check your choices. Institutions must 

display the applicable opt-out options in the 

‘‘Check your choices’’ box shown on this 

page. If an institution chooses not to offer an 

opt-out by mail, it must delete the boxes for 

name, address, account number, and mailing 

directions in the lower right-hand corner of 

the model form. Financial institutions that 

only offer one or two of the opt-out options 

listed on the model form must list only those 

options from the model form that apply to 

their practices and correspond accurately to 

the disclosures on page one. Thus, if an 

institution does not share in a manner that 

requires an opt-out for sharing with 

nonaffiliates, it must not include that opt-out 

option on page three of the model form. 

Institutions requiring information from 

consumers on the opt-out form other than an 

account number should modify that 

designation in the ‘‘Check your choices’’ box. 

Institutions that require customers with 

multiple accounts to identify each account to 

which the opt-out should apply should 

modify that portion of the model form. 

(c) Section 624 opt-out. If the financial 

institution’s affiliates use information for 

marketing pursuant to section 624 of the 

FCRA, and the institution elects to 

consolidate that opt-out notice in the model 

form, it must include that disclosure and optout election as shown in the model form. 

Institutions that elect to limit the time for the 

affiliate marketing opt-out, consistent with 

the requirements of section 624, must adhere 

to the requirements of that section and the 

Agencies’ implementing rule with respect to 

any subsequent notice and opt-out. 

Institutions that elect to limit the opt-out 

period must include a statement in italics, as 

shown on the model form, that states the 

period of time for which the opt-out applies. 

(d) Additional opt-outs. A financial 

institution that uses the disclosure table to 

indicate any opt-out choices available to 

consumers beyond those required by Federal 

law must include those opt-outs on page 

three of the model form. For example, if the 

financial institution discloses in the table 

that it offers an opt-out for joint marketing, 

the institution must revise the opt-out form 

on page three to reflect the availability of an 

opt-out, such as by adding a check-off box 

with the words ‘‘Do not share my personal 

information with other financial institutions 

to jointly market to me.’’ Likewise, if a 

financial institution chooses to offer its 

customers an opt-out for its marketing, it can 

provide for that option in the disclosure table 

and on the opt-out form by adding a checkoff box with the words ‘‘Do not share [or use] 

my personal information to market to me.’’

8. Amend newly designated 

Appendix B by adding a new sentence 

immediately after the heading to read as 

follows: 

Appendix B to Part 248—Sample 

Clauses 

This appendix provides guidance 

only for privacy notices provided on or 

before [ONE YEAR AFTER THE 

PUBLICATION DATE OF THE FINAL 

RULE]. * * * 

* * * * * 

Dated: March 9, 2007. 

John C. Dugan, 

Comptroller of the Currency. 

By order of the Board of Governors of the 

Federal Reserve System, March 16, 2007. 

Jennifer J. Johnson, 

Secretary of the Board. 

By order of the Board of Directors. 

Dated at Washington, DC, this 20th day of 

March, 2007. 

Federal Deposit Insurance Corporation. 

Robert E. Feldman, 

Executive Secretary. 

Dated: March 19, 2007. 

By the Office of Thrift Supervision. 

John M. Reich, 

Director. 

By the National Credit Union 

Administration Board on March 15, 2007. 

Mary Rupp, 

Secretary of the Board. 

The Federal Trade Commission. 

Dated: March 20, 2007. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

Dated: March 20, 2007. 

Eileen A. Donovan, 

Acting Secretary of the Commodity Futures 

Trading Commission. 

By the Securities and Exchange 

Commission. 

Dated: March 20, 2007. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 07–1476 Filed 3–28–07; 8:45 am] 

BILLING CODE 4810–33–P, 6210–01–P, 6714–01–P, 

6720–01–P, 7535–01–P, 6750–01–P, 6351–01–P, 8010–01–

P 


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