Recommendation: Evolution of a Prototype Financial Privacy Notice
Glenbrook's Russ Jones comments on the release a few weeks ago by six federal agencies (Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, and the Securities and Exchange Commission) of a new report titled "Evolution of a Prototype Financial Privacy Notice" (pdf).
This report is part of an effort to simplify and standardize financial privacy notices so that consumers can understand what their banks are doing with their "sensitive personal financial information" and opt-out where appropriate. At 339 pages, the report is way to long to read. But if you're interested in how complex legal descriptions can be simplified and presented with clarity, I recommend you look at the 15-page executive summary.
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