Regulators issue Model Privacy Notice with easy-to-read form. Financial institutions must notify consumers of their information-sharing practices. Form can be used by financial institutions to comply with these requirements. Financial Services Regulatory Relief Act amended GLB Act amended in 2006. Some large and medium sized institutions have said they expect to begin using it immediately. The final rule provides that a financial institution that chooses to use the model form obtains a “safe harbor” and will satisfy the disclosure requirements for notices.”]
Source: https://www.bankinfosecurity.com/regulators-issue-model-privacy-notice-a-1948