View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

CFPB RIN: 3170-AA39 Publication ID: Fall 2014 
Title: Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P) 

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 explaining how a customer can opt out of the sharing of their information when applicable. The CFPB, in response to a Federal Register notice titled "Streamlining Inherited Regulations” issued in December 2011 (76 FR 75825), received comment suggesting revising the annual notice requirements in various circumstances to reduce unnecessary regulatory burden and unwanted paperwork for consumers. After reviewing policy options, the CFPB issued a proposed rule in May 2014 and received comment on potential revisions to the annual privacy notice requirement of Regulation P. The CFPB published a final rule in the Federal Register on October 28, 2014, to allow financial institutions that restrict their information sharing practices and meet other requirements to post their annual privacy notices to customers under the Gramm-Leach-Bliley Act online rather than delivering them individually.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 1016   
Legal Authority: 15 USC 6801 to 6809   
Legal Deadline:  None
Action Date FR Cite
NPRM  05/13/2014  79 FR 27214   
Comment Period Extended  05/28/2014  79 FR 30485   
Comment Period End  07/14/2014 
Final Rule  10/28/2014  79 FR 64057   
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