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Wednesday, May 28, 2014

ABA Wins Extension on Privacy Notice Comment Period

As advocated by ABA and other trade groups, the CFPB proposed extending the comment period on its rule that would ease the annual privacy notice requirement under the Gramm-Leach-Bliley Act. Comments will now be due July 14, a month later than originally scheduled.

Under the proposed rule, banks may post their privacy notices online rather than delivering them individually in certain circumstances. In requesting an extension, ABA and other groups said:

The proposal describes an alternative method for delivering privacy notices with numerous conditions and qualifications that have not been previously articulated. Our members need time to evaluate the proposal, discuss the operational ramifications, develop a position and coordinate a response.

View the proposed extension.
Read ABA’s staff analysis.

Indicates ABA members-only material.

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