On July 1, the CFPB issued a proposed rule to amend Regulation P, which implements the Gramm-Leach-Bliley Act (GLBA) and requires, among other things, financial institutions to provide their customers with an annual notice that describes their privacy policies and procedures. The proposed amendment would implement a December 2015 statutory change in Section 75001 of the “Fixing America’s Surface Transportation Act” (FAST Act). Pursuant to the FAST Act, the GLBA was amended so that financial institutions meeting certain criteria no longer need to send annual privacy notices. The CFPB’s recently issued proposed rule would amend Regulation P to implement the GLBA amendment. The CFPB’s proposed rule would further amend Regulation P to (i) provide timing requirements for the delivery of annual privacy notices for a financial institution that may originally qualify for the annual notice exception but then later changes its policies or practices so that it no longer meets the exception criteria; (ii) remove the Regulation P provision that allows financial institutions to post privacy notices online because the CFPB “believes the alternative delivery method will no longer be used in light of the annual notice exception”; and (iii) make a technical correction to one of its definitions.
Register now for your free, tailored, daily legal newsfeed service.
Questions? Please contact firstname.lastname@example.orgRegister
CFPB proposes to amend annual privacy notice requirement under Regulation P
Popular articles from this firm
If you would like to learn how Lexology can drive your content marketing strategy forward, please email email@example.com.
Related topic hubs
In House Lawyer
Phones 4u Limited
"I find the Lexology service invaluable.
In common with many in-house lawyers, I have limited access to (and a limited budget for) resources and rely on receiving know-how from friends and contacts in private practice. Lexology is great as it provides a daily email with the headlines in all the areas of law that I am interested in (which are all relevant to me, as I was able to choose which areas I was interested in at registration), with links to articles from a wide variety of sources.
I tend to scroll through the daily email when I am having my lunch, reading the headlines and descriptions of the articles, and click on any items that are of interest to me - that way, I feel like I am kept 'in the loop' with legal developments.
In addition to the daily email, I find the articles themselves very helpful - they set out the legal principle but most importantly, they 'boil it down' to the practical implications. When I am doing legal research, I also find the archive search function very helpful.
I have recommended the service to quite a few friends who have also found it very helpful."