WASHINGTON (5/29/14)--The Consumer Financial Protection Bureau has extended the comment period to July 14 for the amendment to the annual privacy notice requirement set forth in subpart A of Regulation P of the Gramm-Leach-Bliley Act (GLBA). The CFPB published the proposal in the May 13 edition of the Federal Register
The proposed amendment would allow financial institutions that do not engage in certain types of information sharing activities to stop mailing an annual disclosure if they meet the following conditions:
The financial institution does not share the customer's nonpublic personal information with nonaffiliated third parties in a manner that triggers GLBA opt-out rights;
The financial institution does not include on its annual privacy notice an opt-out notice under section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act (FCRA);
The financial institution's annual privacy notice is not the only notice provided to satisfy the requirements of section 624 of the FCRA;
The information included in the privacy notice has not changed since the customer received the previous notice; and
The financial institution uses the model form provided in the GLBA's implementing Regulation P.
The deadline originally was June 12. Use the resource link below for the full proposal.