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CFPB

RIN: 3170-AA39

Publication ID: Fall 2013

Title: Annual Privacy Notice
Abstract: Regulation P, implementing provisions of the Gramm-Leach-Bliley Act, requires financial institutions to provide annual privacy notices to customers describing the institution's information sharing practices and explain how a consumer can opt out of the sharing of their information when applicable. The CFPB, in response to a Federal Register notice on "Streamlining Inherited Regulations" issued in December 2011 (76 FR 75825), received comment suggesting that eliminating the requirement to provide annual notices where there has been no change in underlying policies would reduce unnecessary regulatory burden and unwanted paperwork for consumers at least where a financial institution limits the sharing of information with third-parties. After reviewing policy options, the CFPB expects to begin developing a proposed rule to seek comment on potential revisions to Regulation P.
Agency: Consumer Financial Protection Bureau(CFPB)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Prerule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 12 CFR 1016
Legal Authority: 15 USC 6801 to 6809

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Prerule Activities	01/00/2014

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Thomas Pahl Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700