On October 5, 2015, the US Federal Financial Institutions Examination Council’s Task Force on Consumer Compliance revised interagency examination procedures for Regulation P, which governs the privacy of consumer financial information. Under Regulation P, financial institutions are prohibited from disclosing nonpublic personal information about consumers to unaffiliated third parties, with certain exceptions if the institution meets various opt-out and notice requirements. Regulation P also requires financial institutions to inform customers of their privacy policies and practices.
Among other things, the revised examination procedures reflect a rulemaking by the US Consumer Financial Protection Bureau from October 2014 that creates an alternate delivery method financial institutions can use in their annual disclosure of privacy practices to customers. The examination procedures also reflect the recodification of Regulation P by the CFPB in December 2011.
The revised examination procedures supersede previous Regulation P interagency examination procedures issued by the FFIEC via CA 11-4.
The Federal Reserve Board press release is available at: http://www.federalreserve.gov/bankinforeg/caletters/caltr1507.htm and the revised interagency examination procedures are available at: http://www.federalreserve.gov/bankinforeg/caletters/CA_15- 7_Letter_Regulation_P_Privacy_Examination_Procedures.pdf.