Privacy Primer

One of the best explanations and outlines we've seen on the Gramm-Leach-Bliley Act appeared on July 6 in CreditCardManagement. Here it is.

Under the Gramm-Leach-Bliley Act, a financial institution's privacy notice must disclose:
The categories of nonpublic personal information that a financial institution may collect

The categories of nonpublic personal information that a financial institution may disclose

The categories of affiliates and nonaffiliated third parties to whom a financial institution discloses nonpublic personal information (other than those to whom information is disclosed pursuant to an exception in the rules)

The financial institution's policies with respect to sharing information about former customers

The categories of information that are disclosed under agreements with third-party service providers and joint marketers, and the categories of third parties providing the services

A consumer's right to opt-out of the disclosure of nonpublic personal information to nonaffiliated third parties

Any disclosures regarding sharing information with affiliates and related opt-out rights that a financial institution is providing under the Fair Credit Report Act

The bank's policies and practices with respect to protecting the confidentiality, security and integrity of nonpublic personal information

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 8, 8/01