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CFPB amends Gramm-Leach-Bliley Act's privacy notice requirement

Joe Mont | August 10, 2018

The Consumer Financial Protection Bureau announced Friday that it has finalized amendments to implement legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers.

The amendment implements a 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to annual notice requirement for financial institutions that meet certain conditions.

The GLBA requires that banks and other financial institutions send annual privacy notices to customers that describe how nonpublic personal information is shared. These notices must describe the privacy practices of financial institutions, including whether and how they share customers’ nonpublic personal information.

Regulation P sets forth requirements for how financial institutions must deliver these annual...

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