The CFPB on May 6 proposed amendments to its Regulation P (Privacy of Consumer Financial Information) that would allow companies, including banks, that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. Comments on the proposed amendments are due by July 14, 2014.
Nutter Notes: The Gramm-Leach-Bliley Act and its implementing rules generally require that financial institutions send annual privacy notices to customers. These notices must describe whether and how each financial institution shares consumers’ nonpublic personal information. If an institution shares this information with an unaffiliated third party, it typically must notify consumers of their right to opt out of the sharing and inform them of how to do so.