[Federal Register: May 11, 2001 (Volume 66, Number 92)]
[Rules and Regulations]
[Page 24060-24061]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11my01-4]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 160

RIN 3038-AB68


Privacy of Consumer Financial Information; Correction

AGENCY: Commodity Futures Trading Commission.

ACTION: Correcting amendments.

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SUMMARY: This document contains corrections to the final regulations
which were published in the Federal Register of Friday, April 27, 2001
(66 FR 21236). The regulations related to notice requirements and
restrictions on the ability of certain financial institutions to
disclose nonpublic personal information about consumers to
nonaffiliated third parties.

DATES: Effective on June 21, 2001.

FOR FURTHER INFORMATION CONTACT: Susan Nathan, 202-418-5120 (not a
toll-free call).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction
require certain financial institutions to provide their consumers with
notice of their privacy policies and practices, and provide that the
financial institutions may not disclose nonpublic personal information
about a consumer to nonaffiliated third parties unless the institution
provides certain information to the consumer and the consumer has not
elected to opt out of the disclosure.

Need for Correction

    As published, the final regulations contain an error which may
prove to be misleading and needs to be clarified.

[[Page 24061]]

List of Subjects in 17 CFR Part 160

    Brokers, Consumer protection, Privacy, Reporting and recordkeeping
requirements.

    Accordingly, 17 CFR Part 160 is corrected by making the following
correcting amendment:

PART 160--PRIVACY OF CONSUMER FINANCIAL INFORMATION

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

    Authority: U.S.C. 7g and 8a(5); 15 U.S.C. 6801 et seq.

    2. Revise paragraph (b)(1) of Sec. 160.18 to read as follows:


Sec. 160.18  Effective Date; compliance date; transition rule.

* * * * *
    (b)(1) Notice requirement for consumers who are your customers on
the effective date. By March 31, 2002, you must have provided an
initial notice, as required by Sec. 160.4, to consumers who are your
customers on March 31, 2002.

    Dated: May 7, 2001.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 01-11861 Filed 5-10-01; 8:45 am]
BILLING CODE 6351-01-M