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The CFPB also proposed the establishment of deadlines for institutions resuming annual privacy notices if their practices change and cease to qualify for exemption.
On July 1, the CFPB proposed an amendment to the Gramm-Leach-Bliley Act
("GLBA") that would allow financial institutions that met
certain requirements to be exempt from sending annual privacy
notices to customers as currently required under the GLBA. The CFPB
also proposed the establishment of deadlines for institutions
resuming annual privacy notices if their practices change and cease
to qualify for exemption.
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