To the Chief Executive Officers of All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:
On May 24, 2001, the Federal Reserve Board issued examination procedures (pdf - 130kb) for Regulation P, Privacy of Consumer Financial Information.
Compliance with Regulation P will be required as of July 1, 2001 (see our Circular No. 11251, dated June 14, 2000). Regulation P limits the instances in which a financial institution may share nonpublic personal information about its consumers, unless it provides certain notices and the opportunity to opt out of the disclosure.
Questions on this matter should be directed, at this Bank, to Curtis C. Johnson, Jr., Examining Officer, Legal and Compliance Risk Department.
