WASHINGTON - Proposed Fair Credit Reporting Act regulations that would require financial institutions to send "opt-out" forms to customers could complicate compliance with another law, a lobbying group told regulators Wednesday.

The Financial Services Roundtable sounded the warning in a letter to the four federal bank and thrift regulatory agencies, and recommended that regulators delay the effective date of the Fair Credit notices until after financial institutions distribute their first privacy notices as mandated by the Gramm-Leach-Bliley Act; the notices must be sent to customers before July 1.

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