The Consumer Financial Protection Bureau ("CFPB") adopted a final amendment that will exempt certain financial institutions from the requirement of providing privacy disclosures under Regulation P (Privacy of Consumer Financial Information).
Regulation P generally requires financial institutions to provide customers with an annual notice describing its privacy policies and procedures. The amendment will exempt from this requirement institutions that (i) do not share any nonpublic personal information about customers and (ii) have not changed their disclosure policies since the most recent privacy notice was sent to their customers. The CFPB is also making several corresponding technical revisions to Regulation P. The amendment was adopted in accordance with changes to the Gramm-Leach-Bliley Act.
The amendment will become effective 30 days after its publication in the Federal Register.
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