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) 

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
Action Date FR Cite
NPRM  07/11/2016  81 FR 44801   
NPRM Comment Period End  08/10/2016 
Final Rule  11/00/2016 
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