Volume 25 - Number 10
May 12, 2014
Bureau Proposes Easing Privacy-Notice Requirements for Lenders
The CFPB last week proposed easing financial institutions’ annual privacy-notice requirement under the Gramm-Leach-Bliley Act by creating an alternative delivery method which financial institutions would be able to use under certain circumstances. Under GLBA, financial institutions are required to provide their customers with initial and annual notices about their privacy policies. If financial institutions share certain customer information with particular types of third parties, the institutions also have to provide notice to their customers and an opportunity to opt out of the sharing. Many financial institutions currently mail printed copies of the annual GLBA privacy notices to their customers, but have expressed concern that this practice causes information overload for consumers and unnecessary expense for the institutions. Under the proposed...
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