CFPB gives more comment time on privacy notices

The CFPB on Wednesday announced it is extending the deadline for comments on its proposal to ease certain Gramm-Leach-Bliley Act privacy notice disclosure requirements from June 12 to July 14.

NAFCU welcomed this proposed rule. In line with the bureau’s extension announced Wednesday, the association is pushing the deadline for members’ input to the association’s official comment to June 20.

The bureau’s proposed rule, which originally had a comment deadline of June 12, would revise the regulation implementing the privacy policy disclosure requirement of the Gramm-Leach-Bliley Act.

The act generally requires financial institutions to send notices directly to consumers. However, CFPB is proposing to allow institutions to post privacy notices online instead of distributing an annual paper copy under certain conditions. This exception would apply, for example, if the institution does not share data in ways that would trigger consumers’ rights to opt out of certain types of information sharing.

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