Regulation P: Privacy of Consumer Financial Information ...

Regulation P: Privacy of Consumer Financial Information Frequently Asked Questions

December 2001

Contents

A. Financial institutions, products, and services that are covered under the Privacy Rule (Q. A.1 - A.5)

B. Individuals who are entitled to receive notices (Q. B.1 - B.5) C. Delivering your privacy notices (Q. C.1 - C.9) D. Providing notices to joint account holders (Q. D.1 - D.5) E. Complying with the opt out provisions for

joint account holders (Q. E.1 - E.4) F. Delivering opt out notices and providing consumers

with a reasonable opportunity to opt out (Q. F.1 - F.7) G. Complying with the limitations on redisclosure

and reuse of nonpublic personal information (Q. G.1 - G.7) H. Complying with the limitation on disclosing account numbers (Q. H.1 - H.2) I. Disclosing nonpublic personal information under the exceptions to

the notice and opt out provisions (Q. I.1 - I.12) J. Complying with the exception to the opt out provisions for

joint marketing arrangements (Q. J.1 - J.5)

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About the FAQs

The staff of the Board of Governors of the Federal Reserve System have developed this set of frequently asked questions (FAQs) to assist financial institutions in complying with the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act) and the Board's Regulation P (in the FAQs, termed the "Privacy Rule"). The FAQs illustrate how selected provisions of the regulation apply to specific situations a financial institution may confront. However, they do not necessarily address all provisions that may apply to any given situation. Additionally, this staff guidance addresses a financial institution's obligations only under sections 502-509 of the GLB Act and Regulation P and does not address the applicability of the Fair Credit Reporting Act or any other federal or state law that may pertain to the questions and answers. The staff may supplement or revise the FAQs as necessary or appropriate in light of further questions and experience.

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