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Thursday, August 11, 2016

ABA Welcomes CFPB Move on Privacy Notices

ABA and several other trade groups have welcomed the CFPB’s move to implement recent legislation providing banks an exemption from sending an annual privacy notice provided they meet certain requirements.

The groups said:
[I]f adopted as proposed, it will streamline regulatory requirements, coordinate statutory and regulatory mandates, and clarify several questions about the coordination between [Gramm-Leach-Bliley Act] and [Fair Credit Reporting Act] notices... The associations believe there are additional opportunities that would serve consumers by facilitating information sharing between affiliates, particularly to take advantage of new technologies.

Under GLBA, banks were generally required to send annual notices to customers detailing whether and how their nonpublic personal information is shared and provide a way for customers to opt-out of having their information shared with unaffiliated third parties. In December, Congress passed a law ending the requirement to mail an annual notice, provided that they have not changed their policies and practices on the disclosure of nonpublic information since the previous notice was sent, and that they do not share non-public personal information with third parties, unless required by law.

Read the letter.

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