In the August 17, 2018, issue of the Federal Register (83 FR 40945, click here), the CFPB published a final rule (“Rule”) amending Regulation P (12 CFR Part 1016), which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 4, 2015, statutory amendment to the Gramm-Leach-Bliley Act (“GLBA”) providing an exception to this annual notice requirement for financial institutions that meet certain conditions. This GLBA statutory amendment (new GLBA section 503(f)) became effective upon enactment on December 4, 2015.
