Effect of Final Rule Under the Fair Credit Reporting Act on Privacy Notices Prepared in Reliance on Current FCRA Rules
April 11, 2001
Circular No. 11337

To All State Member Banks in the Second Federal Reserve District:

In a March 14 press release, the federal banking agencies - Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Office of Thrift Supervision – stated that any final rule to implement the Fair Credit Reporting Act (FCRA) on certain affiliate-information sharing (see FRBNY Circular No. 11282, dated October 31, 2000) will not require depository institutions to revise the Gramm-Leach-Bliley Act privacy notices prepared in reliance on the existing FCRA and delivered to consumers before January 2002.

The official notice (pdf - 35kb) of this action was published in the Federal Register of March 27, 2001.

Questions on this matter may be directed, at this Bank, to Janice A. Oser, Bank Supervision Officer, Legal and Compliance Risk Department.