Announced Actions for August 31, 2000

Publication of Federal Register notice:

The Commission has approved the publication of a Federal Register notice regarding the following: The Gramm-Leach-Bliley Financial Privacy Act -- Safeguards Rule. Under Section 501 of the Act, the Commission and other federal agencies are required to establish appropriate safeguards standards for financial institutions to protect certain nonpublic information. This notice, which will be published shortly and posted on the FTC Web site, does not contain a proposed rule, but solicits guidance on how to achieve the aims of the Section 501 for the diverse range of financial institutions subject to the Commission's jurisdiction. The notice also seeks comment on the scope of information that should be subject to the Rule, as well as the range of financial institutions that should be covered. It also summarizes the proposed banking agency safeguards guidelines and Securities and Exchange Commission's (SEC) final safeguards rule, and seeks comment on the appropriateness of including these provisions in the Commission's rule.

The Commission vote to publish the Federal Register notice was 5-0. As explained in the notice, comments must be received within 30 days of its publication in the Federal Register. Written comments should be sent to: Secretary, Federal Trade Commission, Room. H-159, 600 Pennsylvania Ave., N.W., Washington, D.C. 20580. Comments will also be accepted in electronic format at the following e-mail address: GLB501Rule@FTC.gov. (File No. 002-3054; staff contact is Laura D. Berger, 202-326-3224; see related press release dated Feb. 24, 2000.)

Copies of the documents mentioned in this release are available from the FTC's Web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580; toll free: 877-FTC-HELP (877-382-4357); TDD for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710.

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