View Rule

Title LXXV of the Fixing America’s Surface Transportation Act, entitled Eliminate Privacy Notices Confusion, 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 under GLBA. Section 503(f) was effective upon enactment. In consultation and cooperation with other agencies with GLBA rulewriting 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 would amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers.