Mortgages Analyzed
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Final Rule
Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)
 
 
Document Citation:
83 FR 40945
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Aug 10, 2018
Effective Date:
Sep 17, 2018
Source:
Source    Source
Document Citation:
83 FR 40945
Type:
Final Rule
Type Detail:
Final Rule
Publish Date:
Aug 10, 2018
Effective Date:
Sep 17, 2018
Source:
Source    Source
 

The Bureau of Consumer Financial Protection (Bureau) is amending Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions. To qualify for this exception, a financial institution must not share nonpublic personal information about customers except as described in certain statutory exceptions. In addition, the rule requires that the financial institution must not have changed its policies and practices with regard to disclosing nonpublic personal information from those that the institution disclosed in the most recent privacy notice it sent.

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