Changes to Title V of the Gramm-Leach-Bliley Act Offer Powerful New Tool for Consumer Privacy Disclosures

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January 29, 2010 - Changes to Title V of the Gramm-Leach-Bliley Act Offer Powerful New Tool for Consumer Privacy Disclosures - Changes to Title V of the Gramm-Leach-Bliley Act Offer Powerful New Tool for Consumer Privacy Disclosures

Financial institutions now have a powerful new tool for consumer privacy disclosures due to recent changes to privacy rules under Title V of the Gramm-Leach-Bliley Act (“GLBA”). This new tool – a fill-in-the-blank model form (the "Form") – replaces the lengthy model disclosure clauses (“Model Clauses”) which financial institutions have relied on for years. Similar to the Model Clauses, the Form describes an institution’s privacy policies and provides a means for consumers to opt-out of information sharing. While use of the Form is optional, the various federal agencies which developed and issued the rules (“Agencies”) have established a powerful incentive to use it: a safe harbor against claims of noncompliance with disclosure requirements. This Client Alert describes the changes and weighs the benefits and costs to a typical company in connection with implementing the Form.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Richik Sarkar, McGlinchey Stafford PLLC | Attorney Advertising

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