On August 10, the Bureau of Consumer Financial Protection (BCFP) released their final rule amending Regulation P.  CUNA staff is currently examining the rule, but has noted support for the Bureau’s effort to reduce burdens associated with unnecessary and redundant regulations.

The final rule implements a 2015 statutory amendment to the Gramm-Leach-Bliley Act, providing an exception to this annual notice requirement for financial institutions that meet certain conditions.  Credit unions can determine if they 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.

Click here to download a copy of the Bureau’s final rule.  Keep in mind, the rule will become effective 30 days after it is published in the Federal Register.