View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
FTC | RIN: 3084-AB42 | Publication ID: Fall 2018 |
Title: Privacy of Consumer Financial Information | |
Abstract:
The Privacy of Consumer Financial Information Rule (Privacy Rule or Rule), 16 CFR part 313, requires among other things that certain motor vehicle dealers provide an annual disclosure of their privacy policies to their customers by hand delivery, mail, electronic delivery, or through a web site, but only with the consent of the consumer. On June 24, 2015, the Commission proposed amending the Rule to allow motor vehicle dealers instead to notify their customers that a privacy policy is available on their web site, under certain circumstances. 80 FR 36267. The proposed amendment would also revise the scope and definitions in the Rule in light of the transfer of part of the Commission's rulemaking authority to the Consumer Financial Protection Bureau in the Dodd-Frank Wall Street Reform and Consumer Protection Act. In particular, the proposed amendment would clarify that the Commission’s Privacy Rule applies only to certain motor vehicle dealers, and not to a broader range of financial institutions as it had prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period closed on August 31, 2015. Since the Commission proposed amending the Rule, Congress enacted the Fixing America's Surface Transportation Act (FAST Act) which included a provision amending the Gramm-Leach-Bliley Act to create a new exception to the annual notice requirement. Staff anticipates submitting a recommendation to the Commission by November 2018. |
|
Agency: Federal Trade Commission(FTC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
EO 13771 Designation: Independent agency | |
CFR Citation: 16 CFR 313 | |
Legal Authority: 15 U.S.C. 6801 et seq. |
Legal Deadline:
None |
||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: https://www.ftc.gov/news-events/press-releases/2015/06/ftc-proposes-gramm-leach-bliley-rule-amendment-allow-online | |
RIN Data Printed in the FR: No | |
Related RINs: Previously reported as 3084-AA97 | Related Agencies: Common: CFPB; |
Agency Contact: David Lincicum Federal Trade Commission 600 Pennsylvania Avenue NW, CC-8232, Washington, DC 20580 Phone:202 326-2773 Email: dlincicum@ftc.gov |