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CFPB RIN: 3170-AA60 Publication ID: Spring 2017 
Title: Gramm-Leach-Bliley Act (GLBA) (Regulation P) 

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 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.

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  11/00/2017 
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