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Board of Governors of the Federal Reserve System

Consumer Affairs Letters

CA 11-4

Revised Interagency Examination Procedures for Regulation P

July 5, 2011

Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA 11-4
July 5, 2011
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:   Revised Interagency Examination Procedures for Regulation P

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation P - Privacy of Consumer Financial Information. Regulation P prohibits a financial institution from disclosing nonpublic personal information about consumers to nonaffiliated third parties, unless it satisfies various notice and opt-out requirements. Regulation P also requires a financial institution to provide notice of its privacy policies and practices to its customers. These revised procedures supersede the Regulation P interagency examination procedures transmitted with CA 01-5.

Specifically, this CA letter transmits examination procedures that reflect a Regulation P interagency rulemaking through which the Federal Reserve and seven other federal regulatory agencies adopted a voluntary model privacy notice form designed to make it easier for consumers to understand how financial institutions collect and share nonpublic personal information. A financial institution can use the model form to obtain a "safe harbor" for compliance with the requirements to notify consumers of its information-sharing practices and their right to opt out of certain sharing practices.

If you have any questions, please contact Amal Patel, Supervisory Consumer Financial Services Analyst, (202) 912-7879, or Paul Robin, Manager, Oversight and Policy, at (202) 452-3140.

signed by
Sandra F. Braunstein
Director
Division of Consumer and Community Affairs


Supersedes:
  • CA 01-5
Last update: March 16, 2012