InfoSight Spotlight: BCFP issues Regulation P relief

Last 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 […]

Last 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.

Read the full InfoSight newsletter here.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.