[Federal Register Volume 66, Number 92 (Friday, May 11, 2001)]
[Rules and Regulations]
[Pages 24060-24061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-11861]


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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