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CFPB | RIN: 3170-AA60 | Publication ID: Fall 2018 |
Title: Gramm-Leach-Bliley Act (GLBA) (Regulation P) | |
Abstract:
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 had made minor technical modifications and clarifications to Regulation P to incorporate section 503(f). The rule amends Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 12 CFR 1016 | |
Legal Authority: 15 U.S.C. 6803(f) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Joseph Devlin Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |