Gramm-Leach-Blilely Act Consumer Financial Protection Bureau

News & Analysis as of

Under the Thumb: Regulatory Compliance When Outsourcing Cybersecurity Management

Managed security services are often a natural “add-on” when outsourcing IT services given that data protection is integral to application development, software as a service, and cloud storage, among other services. More...more

Privacy Law and Digital Currency, Part 1

In this era of regulatory uncertainty, it is worth considering how privacy laws may affect digital currency businesses. Privacy law consists of a web of federal and state law – this first installment in a two-part series will...more

FTC follows in CFPB footsteps with GLBA privacy notices

The FTC recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor vehicle dealers to notify...more

FTC Follows in CFPB Footsteps with GLBA Privacy Notices

The Federal Trade Commission (FTC) recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Consumer Financial Protection Bureau Announces Final Policy On Publication Of Detailed Consumer Complaints

On March 19, the Consumer Financial Protection Bureau ("the Bureau") published a final policy statement ("the Statement") announcing its plans to disclose details of consumer complaints on its public consumer complaint...more

CFPB Proposes Regulating Nonbank Auto Finance Companies

On September 16, the Consumer Financial Protection Bureau (CFPB) issued and requested comment on a proposed rule that would, for the first time, subject nonbank auto finance companies to federal regulation and oversight. The...more

Financial Institutions May Post Online Privacy Disclosures

The Consumer Financial Protection Bureau ("CFPB") recently amended Regulation P, which requires – in connection with the Gramm-Leach-Bliley Act – that financial institutions provide an annual disclosure of their privacy...more

CFPB Issues Final Privacy Notice Rule

The CFPB has finalized its proposal allowing financial institutions to forgo mailing annual privacy notices by posting such notices online. Unfortunately, despite numerous pleas from the industry that the proposal would do...more

CFPB Finalizes Rules on Privacy Disclosures

On October 20, the CFPB adopted the rule, previously proposed in May, allowing financial institutions that limit sharing of consumer data to post annual privacy notices online instead of delivering such notices...more

Privacy & Cybersecurity Update - October 2014

In This Issue: - October: National Cyber Security Awareness Month - New California Data Protection Law - Obama Signs Cybersecurity Executive Order - FTC Cautions Executives About Personal Liability for False...more

Financial Institutions Authorized to Use Websites for Annual Privacy Notice

Banks and other financial institutions may be able to avoid costly manual mailings of annual privacy notices to customers and instead publish annual privacy notices on their websites under a new rule issued by the federal...more

New Option to Provide Annual Privacy Notices Online

CFPB Amends Regulation P to Permit Financial Institutions to Post Annual Privacy Notices Online in Lieu of Delivering Hard Copies to Customers - The Consumer Financial Protection Bureau (CFPB) has always touted itself...more

Privacy Policies Going Digital: The CFPB’s Final Rule Ditches Requirement to Distribute Annual Paper Copies

On October 20, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had finalized a rule that alters the way that financial institutions provide privacy policies to their customers. Under the...more

Some Gramm-Leach-Bliley Notices Can Now Be Posted Online

Some banks and other organizations covered under the Gramm-Leach-Bliley Act (GLBA) may now post their privacy policies online rather than having to mail them annually. Earlier this week, the Consumer Financial Protection...more

CFPB issues final rule allowing alternative online delivery method for annual privacy notices

Nearly three years after identifying the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement as a candidate for streamlining, the CFPB issued a final rule earlier this week to allow financial institutions that...more

CFPB Issues Final Rule on Gramm-Leach-Bliley Act Annual Privacy Notices

The Consumer Financial Protection Bureau has issued a final rule that amends Regulation P to allow financial institutions that meet certain requirements to deliver annual privacy notices to their customers using an...more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more

CFPB Proposes New Plan for Privacy Notices - Financial institutions may soon have a cheaper way to notify consumers about their...

Under a new proposal issued by the Consumer Financial Protection Bureau (CFPB), financial institutions could avoid the requirement to mail an annual privacy notice to customers by instead referring them to an online notice,...more

CFPB's Proposed Rule Promotes More Efficient and Effective Privacy Disclosures

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would promote more effective privacy disclosures from financial institutions to its respective customers. Currently, the Gramm-Leach-Bliley Act (GLBA)...more

CFPB Proposal May Eliminate Requirement to Mail Annual Privacy Notice

On May 7th, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would allow financial institutions to post annual privacy notices online, potentially eliminating the current requirement to provide...more

CFPB Proposes New Rules on Gramm-Leach-Bliley Act Annual Privacy Notices

The Consumer Financial Protection Bureau recently published a proposed rule that would amend Regulation P to allow financial institutions, under certain circumstances, to deliver annual privacy notices to their customers...more

CFPB proposes new rule on GLBA annual privacy notice

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...more

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