COMMENT: CFPB proposed rule - online privacy disclosure notice
CFPB proposes new rule on privacy disclosures
The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would allow financial institutions to post their annual privacy notices online rather than delivering them individually, if certain requirements are met.
The Gramm-Leach-Bliley Act (GLBA) generally requires that financial institutions send annual privacy notices that describe whether and how a members’ nonpublic personal information is shared. The proposed rule would permit institutions to post the privacy notices online instead of distributing an annual paper copy, if certain conditions are satisfied such as not sharing data in ways that would trigger consumers’ opt-out rights. Institutions that choose to post notices online would be required to use the model disclosure form developed by federal regulatory agencies in 2009 (see also the companion Small Entity Compliance Guide). Institutions would also be required to notify consumers at least annually through another notice of disclosure that the privacy notice is online and available by mail upon request.
The full press release and a copy of the proposed rule can both be found on the CFPB’s website.
Comments are due on or before June 12, 2014.
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