News

Federal banking regulators are set to release a revised privacy disclosure form on Wednesday with simpler language than current notices, which are confusing to consumers. The new forms, which will be submitted for a 60-day industry comment period, build on models released by the Treasury Department in 2000, according to a draft posted on the National Credit Union Administration website last week. Notification of privacy breaches is required under Title V of the 1999 Graham-Leach-Bliley Act. In March 2006, regulators released a prototype disclosure and report that said consumers "neither read nor understand" the notices provided by financial institutions. The...