CFPB Proposes Amendment To GLBA Regarding Annual Privacy Notices

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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.

United States Privacy

Daniel J. McLoon,Mauricio Paez,Kevin Lyles

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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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