FFIEC Compliance Examination Procedures for Part 332 - "Privacy of Consumer Financial Information"
The Federal Deposit Insurance Corporation (FDIC) and the other federal bank regulatory agencies, acting through the Federal Financial Institutions Examination Council (FFIEC), have developed and approved the attached examination procedures to review supervised financial institutions for compliance with the agencies' regulation on "Privacy of Consumer Financial Information."
The attached document:
Summarizes the basic requirements of the regulation;
Identifies examination objectives;
Establishes procedures for examining for compliance with the regulation; and
Provides an examination checklist for use in verifying compliance.
Financial institutions can use these procedures to understand how FDIC examiners will assess compliance with the privacy regulation requirements. The complete text of the final privacy regulation was provided to you in FIL-34-2000, dated June 5, 2000.
The examination procedures are tailored to institutions' information-sharing practices. For example, institutions that do not share nonpublic personal information outside of the exceptions in §§ 332.14 or 332.15 will not require a review of the regulation's "opt out" requirements. Institutions that do not receive information from other financial institutions outside of the exceptions in §§ 332.14 or 332.15 will undergo a less extensive review under the "reuse or redisclosure" provisions than those institutions that do receive information outside of those exceptions.
The FDIC will begin reviewing institutions for compliance with the privacy regulation as part of compliance examinations commencing after July 1, 2001.
For further information about the examination procedures, you may contact the Division of Compliance and Consumer Affairs (DCA) staff in your FDIC regional office. You may also contact Ken Baebel, Assistant Director - Compliance Policy, at (202) 942-3086, or John Jackwood, Senior Policy Analyst (Compliance), at (202) 942-3854, in DCA's Washington office.
Stephen M. Cross
Attachment: Privacy of Consumer Financial Information
Distribution: FDIC-Supervised Banks (Commercial and Savings)
NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).