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Title 12: Banks and Banking
CHAPTER I: COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY
PART 40: PRIVACY OF CONSUMER FINANCIAL INFORMATION
Subpart D: Relation to Other Laws; Effective Date
40.18 - Effective date; transition rule.
(a) Effective date. This part is effective November 13, 2000. In order to provide sufficient time for banks to establish policies and systems to comply with the requirements of this part, the OCC has extended the time for compliance with this part until July 1, 2001.
(b)(1) Notice requirement for consumers who are the bank's customers on the compliance date. By July 1, 2001, a bank must have provided an initial notice, as required by ? 40.4, to consumers who are the bank's customers on July 1, 2001.
(2) Example. A bank provides an initial notice to consumers who are its customers on July 1, 2001, if, by that date, the bank has established a system for providing an initial notice to all new customers and has mailed the initial notice to all the bank's existing customers.
(c) Two-year grandfathering of service agreements. Until July 1, 2002, a contract that a bank has entered into with a nonaffiliated third party to perform services for the bank or functions on the bank's behalf satisfies the provisions of ? 40.13(a)(1)(ii) of this part, even if the contract does not include a requirement that the third party maintain the confidentiality of nonpublic personal information, as long as the bank entered into the agreement on or before July 1, 2000.
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