WASHINGTON Federal bank and thrift regulators on Wednesday told bankers not to delay issuing privacy notices out of concern that pending revisions of rules enforcing the Fair Credit Reporting Act would invalidate the notices.
The Gramm-Leach-Bliley Act of 1999 requires institutions to give customers annual statements of their privacy policies, with the first due in July. Some bankers have expressed concern that they would be required to reissue this years notices if Fair Credit Reporting Act rules change significantly.
But bank and thrift regulators said Wednesday that any new rule would not apply to 2001 privacy policy notices and would only have to be incorporated into notices mailed after Jan. 1, 2002.
