Advanced Search

Volume 25 - Number 15

July 21, 2014

Industry Reps Suggest Alternative To Bureau for Privacy Notices

The CFPBís proposal to simplify the annual privacy notice requirement under the Gramm-Leach-Bliley Act would fail to accomplish its goal, a handful of industry trade groups said. They suggested an alternative approach that would eliminate the annual mailed notice requirement for institutions that have not changed their privacy practices and do not share information under the GLBA in a way that gives customers a right to opt out. This approach is compatible with some pending legislation in Congress, S. 635 and H.R. 749. ďThe key distinction between the legislative solutions pending in Congress and the CFPB approach is that the congressional solutions would only require that information sharing be limited to the current statutory exceptions, that the information disclosed in ...

Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

vote to see results