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OGC-00-34 1 (2000-06-13)

handle is hein.gao/gaobabmcg0001 and id is 1 raw text is: ~GAO __ _ _ _ __ United States General Accounting Office Office of the General Counsel Washington, DC 20548 B-285537 June 13, 2000 The Honorable Phil Gramm Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable James A. Leach Chairman The Honorable John J. LaFalce Ranking Minority Member Committee on Banking and Financial Services House of Representatives Subject: Federal Reserve System: Privacy of Consumer Financial Information Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Reserve System (Board), entitled Privacy of Consumer Financial Information (Docket No. R-1058). We received the rule on May 22, 2000. It was published in the Federal Register as a final rule on June 1, 2000. 65 Fed. Reg. 35162. The final rule is issued pursuant to section 504 of the Gramm-Leach-Bliley Act and implements notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties. The rule also implements section 502, which prohibits a financial institution from disclosing such information to nonaffiliated third parties unless the institution satisfies various notice and opt-out requirements and the consumer has not elected to opt out of the disclosure. Finally, section 503 requires institutions to provide its customers with a notice of its privacy policies and practices. The rule is issued jointly with the Office of the Comptroller of the Currency and the Office of Thrift Supervision at the Department of the Treasury, and the Federal Deposit Insurance Corporation. However, the Office of Management and Budget (OMB) did not determine that the rule was a major rule under section 801 for these agencies. GAO/OGC-00-34

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