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Volume 25 - Number 15

July 21, 2014

Industry Reps Suggest Alternative To Bureau for Privacy Notices

The CFPB’s 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. “The 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 ...

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