ABA released a staff analysis of the Fixing America’s Surface Transportation Act (FAST Act), which includes a provision on bank privacy notices. The FAST Act, which was signed into law on December 4, 2015, creates a new exception to the annual privacy notice requirement under the Gramm-Leach-Bliley Act of 1999. Under the new law, if a bank has not changed its privacy policies or procedures and only shares information within one of the existing regulatory exceptions, then there is no need to continue sending the annual privacy notice.
Read the ABA staff analysis.
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