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Federal Register / Vol. 86, No. 234 / Thursday, December 9, 2021 / Rules and Regulations
v Iran. Islamic Revolutionary Guard Corps Intelligence Organization IRGC
IO and Artesh Directorate for Intelligence J2.
vi Korea, North. Reconnaissance General Bureau RGB.
vii Russia. Main Intelligence Directorate GRU.
viii Syria. Military Intelligence Service.
ix Venezuela. General Directorate of Military Counterintelligence DGCIM.
9. Supplement No.7 to part 744 is amended in the table by adding in alphabetical order an entry for CAMBODIA to read as follows:
Supplement No. 7 to Part 744
Military End-User MEU List

Country
Federal Register citation
Entity

Cambodia

Reserved Reserved

Matthew S. Borman, Deputy Assistant Secretary for Export Administration.
FR Doc. 202126633 Filed 12821; 8:45 am BILLING CODE 351033P

FEDERAL TRADE COMMISSION
16 CFR Part 313
RIN 3084AB42

Privacy of Consumer Financial Information Rule Under the GrammLeach-Bliley Act Federal Trade Commission.
Final rule.

AGENCY:
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I. Background A. The Statute and Regulation The GLBA was enacted in 1999.1 The GLBA, among other things, requires that financial institutions provide their customers with initial and annual notices regarding their privacy practices, and allow their customers to opt out of sharing their information with certain nonaffiliated third parties.
Rulemaking authority to implement the GLBAs privacy provisions was initially spread among multiple agencies. The Federal Reserve Board the Fed, the Office of Comptroller of the Currency OCC, the Federal Deposit Insurance Corporation FDIC, and the Office of Thrift Supervision OTS jointly adopted final rules to implement the notice and opt-out requirements of the GLBA in 2000.2 The Commission, the National Credit Union Administration NCUA, the Securities and Exchange Commission SEC, and the Commodity Futures Trading Commission CFTC were part of the same interagency process, but each issued their rules separately.3 In 2009, all those agencies jointly adopted a model form financial institutions could use to provide the required initial and annual privacy disclosures.4
As originally promulgated, the FTCs Privacy Rule covered a broad range of 1 Public
The Federal Trade Commission is amending its Privacy Rule to revise the rules scope, to modify the rules definitions of financial institution and Federal functional regulator, and to update the rules annual customer privacy notice requirement. The amendments also remove certain examples in the rule that apply to financial institutions that now fall outside its scope. This action is necessary to conform the rule to the current requirements of the GrammLeach-Bliley Act GLBA, as amended by the Dodd-Frank and FAST Acts, and the Commissions revisions to the Safeguards Rule, which are being announced simultaneously through a separate document published elsewhere in this issue of the Federal Register.

SUMMARY:

The amendments are effective January 10, 2022.
FOR FURTHER INFORMATION CONTACT:
David Lincicum 2023262773, Division of Privacy and Identity Protection, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Avenue NW, Washington, DC 20580.
SUPPLEMENTARY INFORMATION:
DATES:

Law 106102, 113 Stat. 1338 1999.
Final Rule, 65 FR 35162 June 1, 2000
available at https www.federalregister.gov/
documents/2001/04/27/01-10398/privacy-ofconsumer-financial-information.
3 FTC Final Privacy Rule, 65 FR 33645 May 24, 2000 available at https www.federalregister.gov/
documents/2000/05/24/00-12755/privacy-ofconsumer-financial-information; NCUA Final Privacy Rule, 65 FR 31722 May 18, 2000 available at https www.federalregister.gov/documents/2000/
05/18/00-12014/privacy-of-consumer-financialinformation-requirements-for-insurance; SEC Final Privacy Rule, 65 FR 40333 June 29, 2000 available at https www.federalregister.gov/documents/2000/
06/29/00-16269/privacy-of-consumer-financialinformation-regulation-s-p; CFTC Final Privacy Rule, 66 FR 21235 Apr. 27, 2001 available at https www.federalregister.gov/documents/2001/
04/27/01-10398/privacy-of-consumer-financialinformation.
4 Joint Model Form, 74 FR 62889 Dec. 1, 2009
available at https www.federalregister.gov/
documents/2009/12/01/E9-27882/final-modelprivacy-form-under-the-gramm-leach-bliley-act; see also 16 CFR 313.2, 16 CFR 313.4 through 313.9.
2 Joint
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non-bank financial institutions such as payday lenders, mortgage brokers, check cashers, debt collectors, real estate appraisers, certain motor vehicle dealers, and remittance transfer providers. In 2010, the Dodd-Frank Act 5
transferred the majority of GLBAs privacy rulemaking authority from the Fed, NCUA, OCC, OTS, FDIC, and the Commission in part to the Consumer Financial Protection Bureau CFPB.
The CFPB then restated the implementing regulations in Regulation P, 12 CFR part 1016, in late 2011
Regulation P.6 However, under section 1029 of the Dodd-Frank Act, the Commission retained rulemaking authority for certain motor vehicle dealers.7 Thus, in 2012, the Commission announced it was retaining the implementing regulations governing privacy notices for motor vehicle dealers at 16 CFR part 313.8
Despite the transfer of general rulemaking authority for the Privacy Rule to the CFPB, the Commission and other agencies retain their existing enforcement authority under the GLBA.9 In addition, the SEC and CFTC
retain rulemaking authority with respect to securities and futures-related companies, respectively.10 Accordingly, as part of this rulemaking process, the Commission has consulted and coordinated, or offered to consult, with those agencies that have rulemaking and/or enforcement authority under the GLBA, including the CFPB, SEC, CFTC, and the National Association of Insurance Commissioners NAIC.11
On December 4, 2015, Congress amended the GLBA as part of the FAST
Act. This amendment, titled Eliminate Privacy Notice Confusion,12 added GLBA subsection 503f. This subsection 5 Public
Law 111203, 124 Stat. 1376 2010.
Final Rule for Regulation P, 76 FR 79025
Dec. 21, 2011 available at https
www.federalregister.gov/documents/2011/12/21/
2011-31729/privacy-of-consumer-financialinformation-regulation-p.
7 12 U.S.C. 5519. The FTC retained rulemaking jurisdiction as to motor vehicle dealers that are predominantly engaged in the sale and servicing or the leasing and servicing of motor vehicles, excluding those dealers that directly extend credit to consumers and do not routinely assign the extensions of credit to an unaffiliated third party.
For ease of reference, covered motor vehicle dealers are referenced herein as motor vehicle dealers.
8 Rescission of Rules, 77 FR 22200, 22201 Apr.
13, 2012 available at https
www.federalregister.gov/documents/2012/04/13/
2012-8748/rescission-of-rules also rescinding those regulations for which rulemaking authority was transferred to the CFPB under the Dodd-Frank Act.
9 15 U.S.C. 6805a.
10 15 U.S.C. 6804, 6809; 12 U.S.C. 1843k4; 12
CFR 1016.1b.
11 See 15 U.S.C. 6804a2.
12 Section 75001, Public Law 11494, 129 Stat.
1312, 1787 2015.
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