Financial Privacy Rule: Interagency Notice Research Project

The FTC, FRB, OCC, FDIC, SEC, NCUA, OTS, and CFTC have completed an interagency notice research project and rulemaking.  The goal of the project was to develop, through consumer testing, privacy notices that consumers can understand and use to compare financial institutions’ information collection and sharing practices.  

In August 2004, six of the agencies issued a statement of work describing the research design for the first phase, or form development phase, of the project.  In September 2004, the agencies selected Kleimann Communication Group to conduct the phase one research. On March 31, 2006, the agencies released the Kleimann report on the form development research along with a prototype financial privacy notice.

On March 21, 2007, the eight federal GLB agencies jointly issued a notice of proposed rulemaking, pursuant to section 728 of the Financial Services Regulatory Relief Act of 2006, proposing as a model privacy form the prototype notice developed in the phase one research conducted by Kleimann Communication Group.

In March and April 2008, Macro International conducted a quantitative study of approximately 1,000 consumers to test the effectiveness of the proposed model form as compared to three other notice formats.  In September 2008, Macro International submitted test data and a research methodology report from the survey.  On December 15, 2008, Drs. Alan Levy and Manoj Hastak submitted a report analyzing the survey data.  On February 12, 2009, Kleimann Communication Group submitted a validation report recommending a revised opt-out form.

On November 17, 2009, the eight agencies issued a final GLB model form, based on the extensive consumer research and the public comment process.  Use of the model form is voluntary.  Companies that choose to use the model form will satisfy the GLB disclosure requirements for notices and will obtain a legal safe harbor.

Model Form Online Form Builder

Report by Kleimann Communication Group to FTC and FRB


Final Rule

Final Model Privacy Form under the Gramm-Leach-Bliley Act

  • Final Rule as published in the Federal Register [PDF]
  • Final Rule in large print [PDF]
  • Joint Press Release
  • Model Privacy Form, no opt-out  [PDF]
  • Model Privacy Form, with opt-out  [PDF]
  • FTC Small Business Compliance Guide [PDF]

Phase 2 Quantitative Research

Kleimann Validation Report [PDF]

Notice of Proposed Rulemaking

Interagency Proposal for Model Privacy Form under the Gramm-Leach-Bliley Act, Federal Register [Federal Register Format]

Report by Kleimann Communication Group

Statement of work for form development work [PDF]

Advance Notice of Proposed Rulemaking

Interagency Proposal to Consider Alternative Forms of Privacy Notices under the Gramm-Leach-Bliley Act, Federal Register [PDF]

Public Comments

January and February 2004 Meetings with Interested Groups and Individuals in Connection with the ANPR

Center for Information Policy Leadership Proctor & Gamble, MBNA, Citigroup, IBM Corporation, Chase, Fidelity Investments [PDF]

National Association of Insurance Commissioners [PDF]

Center for Democracy and Technology, National Consumers League, and Robert Gellman [PDF]
Larry Ponemon, Ponemon Institute [PDF]
Mark Hochhauser, Readability Consultant [PDF]

Independent Community Bankers Association and the America’s Community Bankers [PDF]
National Association of Attorneys General [PDF]
Joseph Turow, University of Pennsylvania [PDF]

Mary Culnan, Bentley College [PDF]
Peter Swire, Ohio State University [PDF]
Jim Harper, [PDF]

Securities Industry Association [PDF]
North American Securities Administrators Association [PDF]
Credit Union National Association [PDF]
Keystone Expressions, Ltd. [PDF]

National Retail Federation [PDF]
Direct Marketing Association [PDF]
American Bankers Association, Consumer Bankers Association, Wachovia, Wells Fargo, and Bank of America [PDF]

Electronic Privacy Information Center, Privacy Rights Clearinghouse, Consumers Union, and Consumer Federation of America [PDF]