CFPB extends comment period on privacy notice proposal

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The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an alternative online delivery method. 

In a notice to be published in tomorrow’s Federal Register, the CFPB states that it is extending the deadline for comments to be filed from June 12, 2014 to July 14, 2014. According to the notice, the CFPB received “a coordinated request from banking and financial service provider trade associations” asking for the comment period to be extended from 30 to 90 days. The CFPB determined that only a 30-day extension was appropriate.

 

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