At the end of 2009, the federal banking agencies and the Commodity Futures Trading Commission, Federal Trade Commission, National Credit Union Administration, and Securities and Exchange Commission (collectively, the “Agencies”) published a final rule amending their privacy rules under Title V of the Gramm-Leach-Bliley Act (“GLBA”). In doing so, the Agencies issued a model privacy form that financial institutions may use to describe their privacy policies and to provide consumers with the opportunity to opt out of the sharing of information with nonaffiliated third parties, as required by the GLBA. The final rule provides that use of the model privacy form (consistent with the detailed instructions included with the form) constitutes compliance with the notice content requirements of the privacy rule for privacy policies and opt-out notices. The Agencies clarified, however, that “[w] hile the model form provides a legal safe harbor, institutions may continue to use other types of notices that vary from the model form so long as these notices comply with the privacy rule.” In addition, agency staff has encouraged financial institutions to use the model form and have advised that examiners will be looking for use of the form in examinations beginning in 2011. Although the existing privacy rules of the Agencies provide sample clauses that financial institutions may use to comply with the notice content requirements of the rules, the safe harbor for these sample clauses is eliminated effective January 1, 2011. The Agencies explained that, after December 31, 2010, “institutions may continue to use notices containing these clauses, so long as these notices comply with the privacy rule,” but there will be no safe harbor for using the sample clauses after that date.