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ARTICLE · 13 NOVEMBER 2014

A Shortcut To Privacy Disclosure

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The CFPB has finalized a rule it proposed in May, 2014 that is aimed at simplifying privacy disclosures for those banks that qualify.

United StatesFinance and Banking
Edward Wilmesherr
Edward Wilmesherr
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The CFPB has finalized a rule it proposed in May, 2014 that is aimed at simplifying privacy disclosures for those banks that qualify.

Everyone knows that the Gramm-Leach-Blily Act ("GLBA") for some time now has required banks to provide privacy notices to their customers, describing whether and how the bank shares nonpublic, personal information of its customers. Those banks that share information with nonaffiliated third parties must notify customers of that fact and provide them with a method to opt out of such sharing.

Under this new final rule, a bank that does not share information in a manner that triggers opt out rights can now post privacy notices online instead of mailing paper forms. Banks that choose to go this route will have to use the model disclosure form provided in the final rule.

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