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Bank of Venice
From: Helen Stephan
Sent: Tuesday, August 03, 2004 2:53 PM
To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov;
regs.comments@ots.treas.gov
Subject: EGRPRA
The Gramm-Leach-Bliley Act
of 1999 established requirements for financial institutions to provide
new privacy protections to consumers. One of
the requirements if to provide privacy notices at the time of account
opening and on an annual basis. The initial mailing of privacy notices
served the purpose of notifying customers of a financial institution’s
privacy policy and, in certain cases, provided an opportunity to “opt-out” of
any information sharing.
A privacy notice is provided to each new deposit account and loan
customer at time of account opening. My comment refers to the GLBA
requirement to provide annual privacy notices. After an institution
has provided an initial privacy policy notice, unless the policy changes,
it seems redundant to provide that same policy annually. The rule would
be more meaningful and efficient to send annual mailings ONLY if the
policy changed.
Helen A. Stephan, VP
The Bank of Venice
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