BCFP finalizes privacy notice regulatory relief
The Bureau of Consumer Financial Protection Friday issued a final rule amending Regulation P, providing regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to members. CUNA continues its evaluation of the final rule, but supports efforts to reduce burdens associated with redundant and unnecessary regulations.
Specifically, the final rule implements a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions.
Financial institutions are eligible if they:
- Do not share nonpublic personal information about customers except as described in certain statutory exceptions; and
- Have not changed policies and practices with regard to disclosing nonpublic personal information from those that the institution disclosed in the most recent privacy notice it sent.
The rule will become effective 30 days after it is published in the Federal Register, which is expected in the coming days.