Bureau proposes relaxation of privacy notice rule

The CFPB has announced a proposed amendment to Regulation P (12 CFR Part 1016, Privacy of Consumer Financial Information). The proposal would promote more effective privacy disclosures from financial institutions to their customers and allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. Use of the interagency-approved model notice would be required. The proposal would make no change in requirements for delivery of the initial privacy policy notice. Comments will be accepted by the Bureau for 30 days after the date of publication in the Federal Register.