The repeal of Glass-Steagall allowed mergers between different types of financial institutions to occur, which enabled increased efficiency in the dissemination of financial information. To promote consumer privacy, the Gramm-Leach-Bliley Act included regulations to limit the ways in which companies handled and shared financial data.
allow the consumer to opt out of the disclosure of the consumer’s nonpublic personal information to a nonaffiliated third party if the disclosure is outside of the exceptions in Sections 13, 14, or 15 of the regulation. If the financial institution provides the consumer’s nonpublic personal information to a nonaffiliated third party under the Regulation P: Prohibits disclosure of nonpublic personal information (NPPI) to nonaffiliated third-parties unless the financial institution (FI) satisfies notice and opt-out requirements and the consumer has not opted out. Requires annual notice of privacy policies. of regulations to implement these provisions. Accordingly, on June 1, 2000, the four federal bank and thrift regulators1 published substantively identical regulations implementing provisions of the Act governing the privacy of consumer financial information. The regulations establish rules governing 13692 Federal Register/Vol. 73, No. 50/Thursday, March 13, 2008/Proposed Rules 1 17 CFR part 248. Unless otherwise noted, all references to rules under Regulation S–P will be to Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P) The Bureau of Consumer Financial Protection (Bureau) is amending Regulation P to implement a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to the annual notice requirement, for financial institutions that meet certain conditions. Regulation P covers those financial institutions for which the Federal Reserve Board has primary supervisory authority. Therefore any financial institution that provides financial products or services to consumers must comply with Regulation P requirements. The Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision have issued an interagency final regulation (final rule) to implement provisions of the Gramm-Leach-Bliley Act (GLBA) that protect the privacy of consumers’ nonpublic personal information.
Regulation P Privacy of Consumer Financial Information
CFPB Interim Final Rule and Request for Comment Privacy … 2020-7-10 · consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines."10 Sections 502 through 509 of the GLB Act, except for section 505 as it applies to section 501(b) (i.e., enforcement of the GLB Act's requirements concerning data privacy safeguards), are a Federal consumer financial SEC Regulation S-P: Privacy of Consumer Financial
Part 1016 - Reg P - Privacy of Consumer Financial Information
A financial institution must provide its customers with a notice of its privacy policies and practices, and must not disclose nonpublic personal information about a consumer to unaffiliated third Part 248-Regulation S-P: Privacy of Consumer Financial 2008-3-13 · PART 248—REGULATION S-P: PRIVACY OF CONSUMER FINANCIAL INFORMATION AND SAFEGUARDING PERSONAL INFORMATION . 2. Revise the authority citation for part 248 to read as follows: Start Authority. Authority: 15 U.S.C. 78q, 78q-1, 78w, 78mm, 80a-30(a), 80a-37, 80b-4, 80b-11, 1681w(a)(1), 6801-6809, and 6825. End Authority. 3. Privacy of Consumer Information (Regulation P) 2014-2-14 · For the reasons set forth in the preamble, under 15 U.S.C. 6801 et seq, the Board proposes to amend Regulation P, 12 CFR Part 216, and the Official Staff Commentary, as set forth below: Start Part PART 216—PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P) End Part Start Amendment Part. 1. Part 216 is removed and reserved. Part 1016 - Privacy of Consumer Financial Information 2 days ago · Sec. 1016.4 Initial privacy notice to consumers required. Sec. 1016.5 Annual privacy notice to customers required. Sec. 1016.6 Information to be included in privacy notices. Sec. 1016.7 Form of opt out notice to consumers; opt out methods. Sec. 1016.8 Revised privacy notices. Sec. 1016.9 Delivering privacy and opt out notices.