United States:
Bureau Of Consumer Financial Protection Finalizes GLBA Amendments
24 October 2018
by
Jeremy S. Close
,
Meredith Collier
,
David R. Coogan
,
Jeffrey Scott Connell
,
Jennifer Everett
,
Nicolas Hidalgo
,
Laura Lim
,
Daniel McLoon
,
Mary Alexander Myers
,
Mauricio Paez
,
Nicole Perry
,
Aaron Tso
and
Anand Varadarajan
Jones Day
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On August 10, the Bureau of Consumer Financial Protection
finalized amendments to implement legislation allowing
financial institutions that meet certain criteria to be exempt from
the Gramm-Leach-Bliley Act's ("GLBA") annual privacy
notice requirement. The annual privacy notice must inform consumers
about their right to opt out of some sharing by the financial
institution of nonpublic personal information with certain
nonaffiliated third parties. The amendments create an exception to
this annual privacy notice requirement for financial institutions
whose sharing of information does not trigger an opt-out right for
consumers under the GLBA, and the institution has not changed its
privacy notice since the last one provided to consumers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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