Here is another compliance rule that is included in Point 7.4–and you need it now. The new Privacy Disclosure form meets the requirements of the 2009 amendments to the Gramm–Leach–Bliley Act, which requires financial institutions to provide each consumer with a privacy notice at the time the consumer relationship is established and annually thereafter.
The privacy notice must explain the information collected about the consumer, where that information is shared, how that information is used, and how that information is protected. The notice must also identify the consumer’s right to opt out of the information being shared with unaffiliated parties pursuant to the provisions of the Fair Credit Reporting Act (FCRA).
The new model form, which provides a legal safe harbor, went into effect on January 1, 2011. Current notices that comply with the new privacy rules can still be used.
Point 7.4 includes the mandated 2 page model form. The Point disclosure is an Opt-out form only as required by the regulation.
Point 7.4 will be available for immediate download from MyCalyx beginning January 24. Make sure your account is current and on MyCalyx so you can download 7.4 on January24! Call 800-362-2599 now.
Watch for more compliance news coming in the next few posts.