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Monday, November 3, 2014

CFPB Revises Annual Privacy Notices

By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC

The Consumer Financial Protection Bureau (CFPB) will no longer require most financial institutions to mail an annual privacy notice to their customers. Instead, most financial institutions will be able to satisfy the annual privacy notice requirement by including the annual privacy notice on their website if they annually provide their customers with a two-sentence reminder of how they can access the privacy notice. This should benefit many banks and, perhaps, insurance agencies, at least when it comes to saving on printing costs. This change will be effective shortly, when the final rule is published in the Federal Register.

To learn more about the CFPB’s Change to the Annual Privacy Notice Requirement, read the full summary. 

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The article linked to in this post is provided for informational purposes only by ABIA’s outside counsel and is not intended to be legal guidance. Readers should consult with legal counsel before taking any action on issues addressed in this article.