Federal Regulators Release Model Consumer Privacy Notice Online Form Builder

Last year, the eight federal regulators that regulate the financial services industry issued a "simplified" model privacy notice that was published in the Federal Register on December 1, 2009. Today, the regulators released an "Online Form Builder" to guide a covered institution to select the version of the model form that fits its practices, such as whether the institution provides an opt-out for consumers.

Under the new regulation, to obtain a legal "safe harbor" and satisfy the disclosure requirements under the Gramm-Leach-Bliley Act, institutions must follow the instructions in the model form regulation when using the Online Form Builder.

The form is available here: Online Form Builder