Developments of Note
FTC, NCUA Issue Proposed Privacy Regulations
As discussed in the February 8 Alert, each of the federal functional regulators (FRB, OCC, OTS, FDIC, SEC, NCUA and FTC) are required to issue by May 11 regulations implementing Title V of the Gramm-Leach-Bliley Act (Title V), regarding privacy of financial information. As reported in the February 8 and February 15 Alerts, the banking agencies (FRB, OCC, OTS and FDIC) have proposed a joint rule to implement Title V. Last week, the FTC and NCUA each issued proposed rules to implement Title V. There has been no indication as to when the SEC will issue its proposal. The FTC and NCUA proposals are substantially similar to those issued by the banking agencies, but differ in some respects as a result of the scope of each agency’s jurisdiction. Those differences are summarized below.
