Bureau Of Consumer Financial Protection Finalizes GLBA Amendments

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.