share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 40.7 and 40.10(a) of this part. Financial
institutions that do not share for this reason must answer ``No'' in
the middle column and ``We don't share'' in the right column.
Financial institutions that do share for this reason must answer
``Yes'' in the middle column and ``Yes (check your choices, p. 3)''
corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p.3)'' as to the availability of the opt-
out.

3. Page Two

    (a) General instructions for the Definitions. The financial
institution must customize the space below the last three
definitions in this section (affiliates, nonafffiliates, and joint
marketing). This specific information must be in italicized
lettering to set off the information from the standardized
definitions.
    (b) Affiliates. As required by section 40.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections 40.14
and 40.15 of this part, the institution must identify the types of
nonaffiliated third parties with which it shares or state ``[name of
financial institution] does not share with nonaffiliates so they can
market to you.'' in italicized lettering where [nonaffiliate
information] appears. A financial institution that shares with
nonaffiliated third parties as described here must use, as
applicable, the following format: ``Nonaffiliates we share with can
include [list categories of companies such as mortgage companies,
insurance companies, direct marketing companies, and nonprofit
organizations].''
    (d) Joint Marketing. As required by section 40.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 40--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Federal Reserve System

12 CFR Chapter II

Authority and Issuance

    For the reasons set forth in the joint preamble, the Board proposes
to amend part 216 of chapter II of title 12 of the Code of Federal
Regulations as follows:

PART 216--PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P)

    1. The authority citation for part 216 continues to read as
follows:

    Authority: 15 U.S.C. 6801 et seq.

    2. Revise Sec.  216.2 to read as follows:

Sec.  216.2  Model privacy form and examples.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  216.6 and 216.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    3. In Sec.  216.6, revise paragraph (f) and add paragraph (g) to
read as follows:

Sec.  216.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  216.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  216.7, add paragraph (i) to read as follows:

Sec.  216.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  216.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 216--Model Privacy Form

A. The Model Privacy Form

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B. General Instructions

1. How the Model Privacy Form Is Used

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 216.6 and 216.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p. 3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 216.14 and 216.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 216.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 216.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes--information
about transactions and experiences. This provision applies to
sharing of certain information with an institution's affiliates, as
contemplated by sections 603(d)(2)(A)(i) and (ii) of the FCRA. The
financial institution must answer ``Yes'' or ``No'' in the middle
column. An institution that does not share for this reason must
answer ``We don't share'' in the right column. An institution that
does not have any affiliates will also use this answer. Institutions
that share for this reason may or may not elect to provide an opt-
out and must provide the corresponding answer in the right column as
described in paragraph C.2.(a) of this Instruction.
    (5) For our affiliates' everyday business purposes--information
about creditworthiness. This provision applies to the sharing of
certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p. 3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 216.7 and 216.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p. 3)'' as to the availability of the
opt-out.

3. Page Two

    (a) General instructions for the Definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonafffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 216.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
216.14 and 216.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 216.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 216--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Federal Deposit Insurance Corporation

12 CFR Chapter III

Authority and Issuance

    For the reasons set forth in the joint preamble, the Federal
Deposit Insurance Corporation proposes to amend part 332 of chapter III
of title 12 of the Code of Federal Regulations as follows:

PART 332--PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. The authority citation for part 332 continues to read as
follows:

    Authority: 12 U.S.C. 1819 (Seventh and Tenth); 15 U.S.C. 6801 et
seq.

    2. Revise Sec.  332.2 to read as follows:

Sec.  332.2  Model privacy form and examples.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  332.6 and 332.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    3. In Sec.  332.6, revise paragraph (f) and add paragraph (g) to
read as follows:

Sec.  332.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  332.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  332.7 add paragraph (i) to read as follows:

Sec.  332.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  332.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 332--Model Privacy Form

A. The Model Privacy Form

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B. General Instructions

1. How the Model Privacy Form Is Used

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 332.6 and 332.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p. 3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 332.14 and 332.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 332.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 332.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes--information
about transactions and experiences. This provision applies to
sharing of certain information with an institution's affiliates, as
contemplated by sections 603(d)(2)(A)(i) and (ii) of the FCRA. The
financial institution must answer ``Yes'' or ``No'' in the middle
column. An institution that does not share for this reason must
answer ``We don't share'' in the right column. An institution that
does not have any affiliates will also use this answer. Institutions
that share for this reason may or may not elect to provide an opt-
out and must provide the corresponding answer in the right column as
described in paragraph C.2.(a) of this Instruction.
    (5) For our affiliates' everyday business purposes--information
about creditworthiness. This provision applies to the sharing of
certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p. 3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 332.7 and 332.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p. 3)'' as to the availability of the
opt-out.

3. Page Two

    (a) General instructions for the Definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonaffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 332.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
332.14 and 332.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 332.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 332--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Office of Thrift Supervision

12 CFR Chapter V

Authority and Issuance

    For the reasons set forth in the joint preamble, the Office of
Thrift Supervision proposes to amend part 573 of Chapter V of title 12
of the Code of Federal Regulations as follows:

PART 573--PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. The authority citation for part 573 continues to read as
follows:

    Authority: 12 U.S.C. 1462a; 1463, 1464, 1828; 15 U.S.C. 6801 et
seq.

    2. Revise Sec.  573.2 to read as follows:

Sec.  573.2  Model privacy form and examples.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  573.6 and 573.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    3. In Sec.  573.6, revise paragraph (f) and add paragraph (g) to
read as follows:

Sec.  573.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  573.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  573.7, add paragraph (i) to read as follows:

Sec.  573.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  573.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 573--Model Privacy Form

A. The Model Privacy Form

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B. General Instructions

1. How the Model Privacy Form Is Used

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 573.6 and 573.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p. 3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 573.14 and 573.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 573.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 573.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes--information
about transactions and experiences. This provision applies to
sharing of certain information with an institution's affiliates, as
contemplated by sections 603(d)(2)(A)(i) and (ii) of the FCRA. The
financial institution must answer ``Yes'' or ``No'' in the middle
column. An institution that does not share for this reason must
answer ``We don't share'' in the right column. An institution that
does not have any affiliates will also use this answer. Institutions
that share for this reason may or may not elect to provide an opt-
out and must provide the corresponding answer in the right column as
described in paragraph C.2.(a) of this Instruction.
    (5) For our affiliates' everyday business purposes--information
about creditworthiness. This provision applies to the sharing of
certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p. 3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 573.7 and 573.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p. 3)'' as to the availability of the
opt-out.

3. Page Two

    (a) General instructions for the Definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonafffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 573.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
573.14 and 573.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 573.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out `` by telephone, on the Web,
and by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italic, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 573--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

National Credit Union Administration

12 CFR Chapter V

Authority and Issuance

    For the reasons set forth in the joint preamble, the National
Credit Union Administration proposes to amend part 716 of Chapter V of
title 12 of the Code of Federal Regulations as follows:

PART 716--PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. The authority citation for part 716 continues to read as
follows:

    Authority: 12 U.S.C. 1751 et seq.; 15 U.S.C. 6801 et seq.

    2. Revise Sec.  716.2 to read as follows:

Sec.  716.2  Model privacy form and examples.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  716.6 and 716.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    3. In Sec.  716.6, add paragraphs (f) and (g) to read as follows:

Sec.  716.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  716.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  716.7 add paragraph (i) to read as follows:

Sec.  716.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  716.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 716--Model Privacy Form

A. The Model Privacy Form
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B. General Instructions

1. How the Model Privacy Form Is Used

    The model form may be used, at the option of a financial
institution, including a group of affiliates that use a common
privacy notice, to meet the content requirements of the privacy
notice and opt-out notice set forth in sections 716.6 and 716.7 of
this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p. 3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 716.14 and 716.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 716.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 716.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes--information
about transactions and experiences. This provision applies to
sharing of certain information with an institution's affiliates, as
contemplated by sections 603(d)(2)(A)(i) and (ii) of the FCRA. The
financial institution must answer ``Yes'' or ``No'' in the middle
column. An institution that does not share for this reason must
answer ``We don't share'' in the right column. An institution that
does not have any affiliates will also use this answer. Institutions
that share for this reason may or may not elect to provide an opt-
out and must provide the corresponding answer in the right column as
described in paragraph C.2.(a) of this Instruction.
    (5) For our affiliates' everyday business purposes--information
about creditworthiness. This provision applies to the sharing of
certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p. 3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 716.7 and 716.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p.3)'' as to the availability of the opt-
out.

3. Page Two

    (a) General instructions for the definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonaffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 716.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
716.14 and 716.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 716.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) Share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-

out form must be provided on a separate page of the model form.
    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 716--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Federal Trade Commission

16 CFR Chapter I

Authority and Issuance

    For the reasons set forth in the joint preamble, the Federal Trade
Commission proposes to amend part 313 of chapter I of title 16 of the
Code of Federal Regulations as follows:

PART 313--PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. The authority citation for part 313 continues to read as
follows:

    Authority: 15 U.S.C. 6801 et seq.
    2. Revise Sec.  313.2 to read as follows:

Sec.  313.2  Model privacy form and rules of construction.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  313.6 and 313.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    (c) Compliance. For non-federally insured credit unions, compliance
with an example contained in 12 CFR part 716, to the extent applicable,
constitutes compliance with this part. For intrastate securities
broker-dealers and investment advisors not registered with the
Securities and Exchange Commission, compliance with an example
contained in 17 CFR part 248, to the extent applicable, constitutes
compliance with this part.
    3. In Sec.  313.6, revise paragraph (f) and add paragraph (g) to
read as follows:

Sec.  313.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  313.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  313.7 add paragraph (i) to read as follows:

Sec.  313.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  313.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 313--Model Privacy Form

A. The Model Privacy Form
[GRAPHIC] [TIFF OMITTED] TP29MR07.021

[GRAPHIC] [TIFF OMITTED] TP29MR07.022

[GRAPHIC] [TIFF OMITTED] TP29MR07.023

B. General Instructions

1. How the model privacy form is used.

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 313.6 and 313.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p. 3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 313.14 and 313.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 313.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 313.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes--information
about transactions and experiences. This provision applies to
sharing of certain information with an institution's affiliates, as
contemplated by sections 603(d)(2)(A)(i) and (ii) of the FCRA. The
financial institution must answer ``Yes'' or ``No'' in the middle
column. An institution that does not share for this reason must
answer ``We don't share'' in the right column. An institution that
does not have any affiliates will also use this answer. Institutions
that share for this reason may or may not elect to provide an opt-
out and must provide the corresponding answer in the right column as
described in paragraph C.2.(a) of this Instruction.
    (5) For our affiliates' everyday business purposes--information
about creditworthiness. This provision applies to the sharing of
certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p. 3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 313.7 and 313.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p. 3)'' as to the availability of the
opt-out.
    3. Page Two
    (a) General instructions for the Definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonafffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 313.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
313.14 and 313.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 313.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 313-Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Commodity Futures Trading Commission

17 CFR Chapter I

Authority and Issuance

    For the reasons set forth in the joint preamble, the Commodity
Futures Trading Commission proposes to amend part 160 of chapter I of
title 17 of the Code of Federal Regulations as follows:

PART 160--PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. The authority citation for part 160 continues to read as
follows:

    Authority: 7 U.S.C. 7b-2 and 12a(5); 15 U.S.C. 6801 et seq.

    2. Revise Sec.  160.2 to read as follows:

Sec.  160.2  Model privacy form and rules of construction.

    (a) Model privacy form. Use of the model privacy form in Appendix A
of this part, consistent with the instructions in Appendix A,
constitutes compliance with the notice content requirements of
Sec. Sec.  160.6 and 160.7 of this part, although use of the model
privacy form is not required.
    (b) Examples. The examples in this part are not exclusive.
Compliance with an example, to the extent applicable, constitutes
compliance with this part.
    (c) Substituted compliance.
    (1) Any person or entity otherwise subject to this part that is
subject to and in compliance with the Securities and Exchange
Commission Regulation S-P, 17 CFR part 248, will be deemed to be in
compliance with this part.
    (2) Any commodity trading advisor otherwise subject to this part
that is registered or required to be registered as an investment
adviser in the state in which it maintains its principal office and
place of business as defined in Sec.  275.203A-3 of this title, and
that is subject to and in compliance with 16 CFR part 313, will be
deemed to be in compliance with this part.
    3. In Sec.  160.6, revise paragraph (f) and add paragraph (g) to
read as follows:

Sec.  160.6  Information to be included in privacy notices.

* * * * *
    (f) Model privacy form. Pursuant to Sec.  160.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. Use of a sample clause in a privacy notice provided on or before
[DATE ONE YEAR FOLLOWING THE DATE OF PUBLICATION OF THE FINAL RULE], to
the extent applicable, constitutes compliance with this part.
    4. In Sec.  160.7 add paragraph (i) to read as follows:

Sec.  160.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model privacy form. Pursuant to Sec.  160.2(a) of this part, a
model privacy form that meets the notice content requirements of this
section is included in Appendix A of this part.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 160--Model Privacy Form

A. The Model Privacy Form

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B. General Instructions

1. How the Model Privacy Form Is Used

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 160.6 and 160.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681-1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The Contents of the Model Privacy Form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.
    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p.3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 160.14 and 160.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the
right column. An institution that shares for this reason may or may
not elect to provide an opt-out and must provide the corresponding
answer in the right column as described in paragraph C.2.(a) of this
Instruction. This provision includes service providers contemplated
by section 160.13 of this part.
    (3) For joint marketing with other financial companies. As
contemplated by section 160.13 of this part, the financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that shares for
this reason may or may not elect to provide an opt-out and must
provide the corresponding answer in the right column as described in
paragraph C.2.(a) of this Instruction.
    (4) For our affiliates' everyday business purposes ``
information about transactions and experiences. This provision
applies to sharing of certain information with an institution's
affiliates, as contemplated by sections 603(d)(2)(A) (i) and (ii) of
the FCRA. The financial institution must answer ``Yes'' or ``No'' in
the middle column. An institution that does not share for this
reason must answer ``We don't share'' in the right column. An
institution that does not have any affiliates will also use this
answer. Institutions that share for this reason may or may not elect
to provide an opt-out and must provide the corresponding answer in
the right column as described in paragraph C.2.(a) of this
Instruction.
    (5) For our affiliates' everyday business purposes ``
information about creditworthiness. This provision applies to the
sharing of certain information with an institution's affiliates, as
contemplated by section 603(d)(2)(A)(iii) of the FCRA. The financial
institution must answer ``Yes'' or ``No'' in the middle column. An
institution that does not share for this reason must answer ``We
don't share'' in the right column. An institution that does not have
any affiliates will also use this answer. Institutions that share
for this reason must provide an opt-out and must provide the
appropriate answer in the right column as described in paragraph
C.2.(a) of this Instruction.
    (6) For our affiliates to market to you. This provision applies
to information shared among affiliates that is used by those
affiliates for marketing, as contemplated by section 624 of the
FCRA. Following the effective date of the rules implementing section
624, institutions that elect to incorporate this provision into the
model form to satisfy their obligations under this part must include
this reason for sharing as set forth in the model form in order to
obtain the benefit of the safe harbor. Institutions whose affiliates
receive such information and use it for marketing must answer
``Yes'' in the middle column, and ``Yes (Check your choices, p.3)''
in the right column corresponding to the availability of an opt-out.
Institutions whose affiliates receive such information and do not
use it for marketing may elect to include this provision in the
model form and answer ``No'' in the middle column and ``We don't
share'' in the right column; however, institutions whose affiliates
receive such information and do not use it for marketing are not
required to use this provision. Institutions that do not have
affiliates and elect to include this provision in their notice will
answer ``No'' in the middle column and ``We don't share'' in the
right column.
    (7) For nonaffiliates to market to you. This provision applies
to sharing under sections 160.7 and 160.10(a) of this part.
Financial institutions that do not share for this reason must answer
``No'' in the middle column and ``We don't share'' in the right
column. Financial institutions that do share for this reason must
answer ``Yes'' in the middle column and ``Yes (check your choices,
p. 3)'' corresponding to the availability of an opt-out.
    (8) Additional opt-outs. A financial institution may customize
the model form to offer opt-outs beyond those required under Federal
law, so long as the additional information falls within the space
constraints of the model form. If the institution chooses to offer
its customers an opt-out for its own marketing or for joint
marketing, for example, it can provide for that option by stating:
``Yes (Check your choices, p.3)'' as to the availability of the opt-
out.

3. Page Two

    (a) General instructions for the Definitions.
    The financial institution must customize the space below the
last three definitions in this section (affiliates, nonafffiliates,
and joint marketing). This specific information must be in
italicized lettering to set off the information from the
standardized definitions.
    (b) Affiliates. As required by section 160.6(a)(3) of this part,
the financial institution must identify the categories of its
affiliates or state ``[name of financial institution] has no
affiliates'' in italicized lettering where [affiliate information]
appears. A financial institution that shares with affiliates must
use, as applicable, the following format: ``Our affiliates include
companies with a [name of financial institution] name; financial
companies such as [list companies]; and nonfinancial companies, such
as [list companies].''
    (c) Nonaffiliates. If the financial institution shares with
nonaffiliated third parties outside the exceptions in sections
160.14 and 160.15 of this part, the institution must identify the
types of nonaffiliated third parties with which it shares or state
``[name of financial institution] does not share with nonaffiliates
so they can market to you.'' in italicized lettering where
[nonaffiliate information] appears. A financial institution that
shares with nonaffiliated third parties as described here must use,
as applicable, the following format: ``Nonaffiliates we share with
can include [list categories of companies such as mortgage
companies, insurance companies, direct marketing companies, and
nonprofit organizations].''
    (d) Joint Marketing. As required by section 160.13 of this part,
the financial institution must identify the types of financial
institutions with which it engages in joint marketing or state
``[name of financial institution] doesn't jointly market.'' in
italicized lettering where [joint marketing] appears. A financial
institution that shares with joint marketing partners must use, as
applicable, the following format: ``Our joint marketing partners
include [list categories of companies such as credit card
companies].''

4. Page Three

    Opt-out form. Financial institutions must use page three only if
they: (1) Share or use information in a manner that triggers an opt-
out; or (2) choose to provide an opt-out (as disclosed in the table
on page 1) in addition to what is required by law. The model opt-out
form must be provided on a separate page of the model form.

    (a) Contact us. The section describes three common methods by
which a consumer exercises an opt-out--by telephone, on the Web, and
by mail. Financial institutions may customize this section to
provide for the particular opt-out methods and options the
institution provides. For example, if an institution offers opting
out by telephone and the Web but not by mail, it would provide only
telephone and Web information as shown in the model form in the
``Contact Us'' box. Only institutions that allow more than 30 days
after providing the notice before sharing information may change the
number of days in the lower right hand section of the box.
    (b) Check your choices. Institutions must display the applicable
opt-out options in the ``Check your choices'' box shown on this
page. If an institution chooses not to offer an opt-out by mail, it
must delete the boxes for name, address, account number, and mailing
directions in the lower right-hand corner of the model form.
Financial institutions that only offer one or two of the opt-out
options listed on the model form must list only those options from
the model form that apply to their practices and correspond
accurately to the disclosures on page one. Thus, if an institution
does not share in a manner that requires an opt-out for sharing with
nonaffiliates, it must not include that opt-out option on page three
of the model form. Institutions requiring information from consumers
on the opt-out form other than an account number should modify that
designation in the ``Check your choices'' box. Institutions that
require customers with multiple accounts to identify each account to
which the opt-out should apply should modify that portion of the
model form.
    (c) Section 624 opt-out. If the financial institution's
affiliates use information for marketing pursuant to section 624 of
the FCRA, and the institution elects to consolidate that opt-out
notice in the model form, it must include that disclosure and opt-
out election as shown in the model form. Institutions that elect to
limit the time for the affiliate marketing opt-out, consistent with
the requirements of section 624, must adhere to the requirements of
that section and the Agencies' implementing rule with respect to any
subsequent notice and opt-out. Institutions that elect to limit the
opt-out period must include a statement in italics, as shown on the
model form, that states the period of time for which the opt-out
applies.
    (d) Additional opt-outs. A financial institution that uses the
disclosure table to indicate any opt-out choices available to
consumers beyond those required by Federal law must include those
opt-outs on page three of the model form. For example, if the
financial institution discloses in the table that it offers an opt-
out for joint marketing, the institution must revise the opt-out
form on page three to reflect the availability of an opt-out, such
as by adding a check-off box with the words ``Do not share my
personal information with other financial institutions to jointly
market to me.'' Likewise, if a financial institution chooses to
offer its customers an opt-out for its marketing, it can provide for
that option in the disclosure table and on the opt-out form by
adding a check-off box with the words ``Do not share [or use] my
personal information to market to me.''

    7. Amend newly redesignated Appendix B by adding a new sentence
immediately after the heading:

Appendix B to Part 160--Sample Clauses

    This Appendix only applies to privacy notices provided until the
date that is on or before one year following the date of final
publication of this rule. * * *
* * * * *

Securities and Exchange Commission

Statutory Authority

    The Commission is proposing to amend Regulation S-P pursuant to
authority set forth in section 728 of the Regulatory Relief Act [Pub.
L. 109-351], section 504 of the GLB Act [15 U.S.C. 6804], section 23 of
the Securities Exchange Act [15 U.S.C. 78w], section 38(a) of the
Investment Company Act [15 U.S.C. 80a-37(a)], and section 211 of the
Investment Advisers Act [15 U.S.C. 80b-11].

Text of Proposed Amendments

    For the reasons set forth in the preamble, the Commission proposes
to amend Title 17, Chapter II of the Code of Federal Regulations as
follows:

PART 248--REGULATION S-P: PRIVACY OF CONSUMER FINANCIAL INFORMATION

    1. Revise the authority citation for part 248 to read as follows:

    Authority: 15 U.S.C. 78q; 78w; 78mm; 80a-30(a); 80a-37; 80b-4;
80b-11; 1681w; and 6801-6809.

    2. Revise Sec.  248.2 to read as follows:

Sec.  248.2  Model privacy form; rule of construction.

    (a) Model privacy form. Use of Form S-P (see Appendix A of this
part), consistent with the instructions to the form, constitutes
compliance with the notice content requirements of Sec. Sec.  248.6 and
248.7 of this part, although use of Form S-P is not required.
    (b) Examples. The examples in this part provide guidance concerning
the rule's application in ordinary circumstances. The facts and
circumstances of each individual situation, however, will determine
whether compliance with an example, to the extent practicable,
constitutes compliance with this part.
    (c) Substituted compliance with CFTC financial privacy rules by
futures commission merchants and introducing brokers. Except with
respect to Sec.  248.30(b), any futures commission merchant or
introducing broker (as those terms are defined in the Commodity
Exchange Act (7 U.S.C. 1, et seq.)) registered by notice with the
Commission for the purpose of conducting business in security futures
products pursuant to section 15(b)(11)(A) of the Securities Exchange
Act of 1934 (15 U.S.C. 78o(b)(11)(A)) that is subject to and in
compliance with the financial privacy rules of the Commodity Futures
Trading Commission (17 CFR part 160) will be deemed to be in compliance
with this part.
* * * * *
    3. Amend Sec.  248.6 by revising paragraph (f) and adding paragraph
(g) to read as follows:

Sec.  248.6  Information to be included in privacy notices.

* * * * *
    (f) Model Form S-P. Pursuant to Sec.  248.2(a) and Appendix A of
this part, Form S-P meets the notice content requirements of this
section.
    (g) Sample clauses. Sample clauses illustrating some of the notice
content required by this section are included in Appendix B of this
part. The sample clauses in Appendix B of this part provide guidance
concerning the rule's application in ordinary circumstances in a
privacy notice provided on or before [ONE YEAR FOLLOWING THE DATE OF
PUBLICATION OF THE FINAL RULE]. The facts and circumstances of each
individual situation, however, will determine whether compliance with a
sample clause constitutes compliance with this part.
    4. Amend Sec.  248.7 by adding paragraph (i) to read as follows:

Sec.  248.7  Form of opt-out notice to consumers; opt-out methods.

* * * * *
    (i) Model Form S-P. Pursuant to Sec.  248.2(a) and Appendix A of
this part, Form S-P meets the notice content requirements of this
section.

Appendix A [Redesignated as Appendix B]

    5. Redesignate Appendix A to Part 248 as Appendix B.
    6. Add new Appendix A to read as follows:

Appendix A to Part 248--Form S-P

    (1) Any person may obtain a copy of Form S-P prescribed for use
in this part by written request to the Securities and Exchange
Commission, 100 F Street, NE., Washington, DC 20549. Any person also
may view this form at: [Web site URL].
    (2) Use of Form S-P by brokers, dealers, and investment
companies, and investment

advisers registered with the Commission constitutes compliance with
the notice content requirements of Sec. Sec.  248.6 and 248.7 of
this part.
    7. Form S-P (referenced in Appendix A of this part) is added to
read as follows:

    Note: The text of Form S-P does not, and this amendment will
not, appear in the Code of Federal Regulations.

Securities and Exchange Commission--Form S-P

A. Model Privacy Form
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B. General Instructions

1. How the Model Privacy Form is Used

    The model form may be used, at the option of a financial
institution, including a group of financial holding company
affiliates that use a common privacy notice, to meet the content
requirements of the privacy notice and opt-out notice set forth in
sections 248.6 and 248.7 of this part.
    (Note that disclosure of certain information, such as assets,
income, and information from a consumer reporting agency, may give
rise to obligations under the Fair Credit Reporting Act [15 U.S.C.
1681--1681x] (FCRA), such as a requirement to permit a consumer to
opt out of disclosures to affiliates or designation as a consumer
reporting agency if disclosures are made to nonaffiliated third
parties.)

2. The contents of the model privacy form

    The model form consists of two or three pages, depending on
whether a financial institution shares in a manner that requires it
to provide a third page with opt-out information.
    (a) Page One. The first page consists of the following
components:
    (1) The title.
    (2) The key frame (Why?, What?, How?).
    (3) The disclosure table (``Reasons we can share your personal
information'').
    (4) Contact information.
    (b) Page Two. The second page consists of the following
components:
    (1) The title.
    (2) The Frequently Asked Questions on sharing practices.
    (3) The definitions.
    (c) Page Three. The third page consists of a financial
institution's opt-out form.

3. The Format of the Model Privacy Form

    The model form is a standardized form, including page layout,
page content, format, style, pagination, and shading. No other
information may be included in the model form, and the model form
may be modified only as described below.
    (a) Easily readable type font. Financial institutions that use
the model form must use an easily readable type font. Easily
readable type font includes a minimum of 10-point font and
sufficient spacing between the lines of type.
    (b) Logo. A financial institution may include a corporate logo
on any page of the notice, so long as it does not interfere with the
readability of the model form or the space constraints of each page.

    (c) Page size and orientation. Each page of the model form must
be printed on one side of an 8.5 by 11 inch paper in portrait
orientation.
    (d) Color. The model form may be printed on white or light color
paper (such as cream) with black or suitable contrasting color ink.
Spot color may be used to achieve visual interest, so long as the
color contrast is distinctive and the color does not detract from
the readability of the model form.

C. Information Required in the Model Privacy Form

    The model form is a standardized form, and institutions seeking
to obtain the safe harbor through use of the model form may modify
the form only as described below:

1. Name of the Institution or Group of Affiliated Institutions
Providing the Notice

    Include the name of the financial institution or group of
affiliated institutions providing the notice on the form wherever
[name of financial institution] appears. Contact information, such
as the institution's toll-free telephone number, Web address, or
mailing address, or other contact information, should be inserted as
appropriate, wherever [toll-free telephone] or [web address] or
[mailing address] appear.

2. Page One

    (a) General instructions for the disclosure table. There are
reasons for sharing or using personal information listed in the left
column of the disclosure table. Each of these reasons correlates to
certain legal provisions described below. In the middle column, each
institution must provide a ``Yes'' or ``No'' response in each box
that accurately reflects its information sharing policies and
practices with respect to the reason listed on the left. Each
institution also must complete each box in the right column as to
whether a consumer can limit such sharing. If an institution answers
``No'' to sharing for a particular reason in the middle column, it
must answer ``We don't share'' in the corresponding right column. If
an institution answers ``Yes'' to sharing for a particular reason in
the middle column, it must, in the right column, answer either
``No'' if it does not offer an opt-out or ``Yes (Check your choices,
p.3)'' if it does offer an opt-out. Except for the sixth row (``For
our affiliates to market to you''), an institution must list all
reasons for sharing, and complete the middle and right columns of
the disclosure table.
    (b) Specific disclosures and corresponding legal provisions.
    (1) For our everyday business purposes. Because all financial
institutions share information for everyday business purposes, as
contemplated by sections 248.14 and 248.15 of this part, the
financial institution must answer ``Yes'' to the sharing of such
information and ``No'' to the availability of an opt-out.
    (2) For our marketing purposes. The financial institution must
answer ``Yes'' or ``No'' in the middle column. An institution that
does not share for this reason must answer ``We don't share'' in the