Wolters Kluwer Financial Services has released several new solutions to help financial institutions comply with a new privacy requirement issued jointly by eight regulatory agencies.

Effective Jan. 1, 2011, institutions must begin using an updated model privacy notice with customers if they wish to have a safe harbor for compliance with the Gramm-Leach-Bliley and Fair Credit Reporting Acts. The updated notice is intended to provide consumers with a cleaner, simpler explanation of how an institution handles its personal information.

Converting to the notice’s new table format is already presenting many institutions with significant operational challenges, however. Wolters Kluwer Financial Services offers institutions model privacy notices that can be customized to a company's specific operational needs while meeting all regulatory requirements. Institutions can also completely outsource the development, printing, and mailing of privacy notices to financial institutions’ customers or members.

In addition, Wolters Kluwer Financial Services’ compliance professionals can help institutions review their existing privacy disclosures in order to make the transition to the new privacy rule more efficient for a fee. More information on the new model privacy notice and Wolters Kluwer Financial Services’ solutions can be found here.