BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA 01-11
December 18, 2001
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: Frequently Asked Questions for the Privacy Regulation
Enclosed for release are the recently approved Interagency Frequently Asked Questions (FAQs) on Regulation P. These FAQs illustrate how select provisions of the regulation apply to specific situations a financial institution may confront. However, they do not necessarily address all provisions that may apply to any given situation. Additionally, the FAQs addresses a financial institution’s obligations only under sections 502-509 of the GLB Act and Regulation P and does not address the applicability of the Fair Credit Reporting Act or any other federal or state law that may pertain to the questions and answers. Staff may supplement or revise these FAQs as necessary or appropriate in light of further questions and experience.
This question and answer document was released on the public Website on December 12, 2001. The press release is available at http://www.federalreserve.gov/boarddocs/press/general/2001/200112122/default.htm. In addition, an electronic copy of the document will appear on the Board’s public Website in the near future.
Please distribute the attached document to your examination staff for immediate use. Additionally, please send or make this document available to the state member banks and holding companies within your district. If you have any questions regarding this matter, please contact your district review examiner or Jill Lohr Chase at (202) 785-6054.
Sincerely,
(signed)
Shawn McNulty
Assistant Director