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HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: Regulation P

Posted in Financial Privacy

CFPB Proposes to Alleviate GLBA Privacy Notice Requirements

The Consumer Financial Protection Bureau has issued a proposed rule that would eliminate the requirement for banks and other financial institutions subject to CFPB jurisdiction to deliver an annual privacy notice to their customers, provided the institutions take certain privacy-protective measures. The CFPB proposal demonstrates that the agency is following up on its 2011 streamlining initiative, in which it solicited comment on possible alternatives to delivering the annual privacy notice, and recognizes at least to some extent the online world that most consumers now embrace