adminLast week, the Bureau of Consumer Financial Protection issued a final rule amending Regulation P. The rule provides regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to their members. The changes are intended to align Regulation P with changes made to the Gramm-Leach-Bliley Act (GLBA) by the Fixing America’s Surface Transportation Act (FAST Act) of 2015. Financial institutions are eligible if they:
- Do not share nonpublic personal information about customers except as described in certain statutory exceptions; and
- Have not changed policies and practices with regard to disclosing nonpublic personal information from those that the institution disclosed in the most recent privacy notice it sent.
The rule will become effective 30 days after it is published in the Federal Register, which is expected in the coming days.
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