Board of Governors of the Federal Reserve System |
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
AGENCIES APPROVE FINAL REGULATIONS
FOR PRIVACY OF CONSUMER FINANCIAL INFORMATION
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision today approved the issuance of final regulations implementing the provisions of the Gramm-Leach-Bliley Act governing the privacy of consumer financial information.
The regulations resulted from an interagency effort. They impose three main requirements established by the Act:
The regulations are effective November 13, 2000, but in order to provide sufficient time for financial institutions to establish policies and procedures and to put in place systems to implement the requirements of the regulations, the time for full compliance with the regulations is extended until July 1, 2001.
The agencies expect the regulations to be published in the Federal Register within the next two weeks. The published regulations may contain nonsubstantive changes from the versions approved by each agency today.
2000 Banking and consumer regulatory policy