In case you missed it, the CFPB issued a final rule, US 79513 2014, that amends Regulation P to allow banks to post their annual privacy notices online instead of mailing physical copies each year. The rule includes certain conditions for this allowance, including: the information has not changed since the last notice was issued, banks must agree not to share certain customer information with third parties in ways addressed in the rule and the financial institution must use the model form in Reg. P as its annual notice. The rule’s effective date was October 28, 2014.
The Gramm-Leach-Bliley Act requires banks and other institutions to send annual privacy notices to its customers describing how they share their non-public personal data. The CFPB estimates that the industry could save $17 million each year by making the disclosures online.
More information may be found here.