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Privacy notices can be built online FFIEC
WASHINGTON (4/16/10)--The National Credit Union Administration (NCUA) has joined other federal agencies in announcing a new model consumer privacy notice online form builder that financial institutions can download and use to develop and print customized versions of a model consumer privacy notice. The NCUA worked along with The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Federal Trade Commission to develop the online form builder and cosigned on the release. The form builder “will guide an institution to select the version of the model form that fits its practices, such as whether the institution provides an opt-out for consumers,” according to the release. The agencies in the release also said that financial institutions “must follow the instructions in the model form regulation when using the online form builder” to obtain legal safe harbor and satisfy disclosure requirements. To see the online form builder, use the resource link.
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