To the Chief Executive Officers of All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:
The following is from a joint press release by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision:
The four federal banking agencies have released a report on the results of a survey of Internet privacy policies of banking and thrift institutions.
The survey report, entitled Interagency Financial Institution Web Site Privacy Survey Report, examined 314 World Wide Web sites selected randomly, plus those of the 50 largest banks and thrifts with web sites. Conducted during May and July 1999 by the federal agencies that supervise the institutions, the survey examined the collection of consumer information, interactive capabilities, and privacy disclosures at these sites. The purpose of the survey was to provide an indication of the state of the industry with respect to data collection and on-line privacy disclosures.
The agencies began work on the survey in February 1999. The agencies will monitor, as appropriate, the industry's progress in responding to consumer privacy issues and complying with the new legal mandates contained in the financial services reform legislation through regular supervisory activities.