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CFPB | RIN: 3170-AA60 | Publication ID: Fall 2017 |
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 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 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. |
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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: Final Rule Stage |
Major: Undetermined | 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: Undetermined |
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 |