View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
CFPB | RIN: 3170-AA60 | Publication ID: Fall 2016 |
Title: Gramm-Leach-Bliley Act (GLBA) (Regulation P) | |
Abstract:
Title LXXV of the Fixing America’s Transportation Act, entitled the Eliminate Privacy Notices Confusion Act, amended the Gramm-Leach-Bliley Act (GLBA) to add new section 503(f). Section 503(f) provides that financial institutions are no longer required to provide annual privacy notices as long as: (1) they have not changed their privacy policies since the last time their customers received a privacy notice, and (2) they only share customers’ financial information with others in a manner that is exempt from notice and opt-out requirements. Section 503(f) was effective upon enactment. In consultation and cooperation with other agencies with GLBA rule writing authority, the Bureau issued a proposal in July 2016 to make minor technical modifications and clarifications to Regulation P to incorporate section 503(f). The proposal amends Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The comment period for that proposal ended on August 10, 2016, and the Bureau expects to issue a final rule in fall 2016. |
|
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 1016 | |
Legal Authority: 15 U.S.C. 6803(f) |
Legal Deadline:
None |
||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | Government Levels Affected: Undetermined |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Nora Rigby Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |