CFPB proposes new rule on GLBA annual privacy notice

more+
less-

The CFPB has published a 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. 

Under the Gramm-Leach-Bliley Act, financial institutions must provide initial and annual privacy notices that inform customers about the sharing of their nonpublic personal information with third parties. Financial institutions have typically provided the annual privacy notice through direct mailings, but the proposed rule could potentially save some financial institutions the costs of mailing by posting the annual privacy notice in a clear and conspicuous manner on the institutions’ websites and directing customers to the notice via a statement message or other communication at least once annually.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:

more+
less-

Ballard Spahr LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×