Part 1016 - Privacy of Consumer Financial Information
The regulations say the privacy notice must describe the basic categories of information a financial institution collects and shares with other entities, and give examples. But a financial institution is not required to list every type of information it may gather or share, or tell you the names of specific companies or organizations that may Regulation P is issued by the Bureau of Consumer Financial Protection to govern the treatment of nonpublic personal information about consumers by the financial institutions. This regulation: 1. Requires a financial institution to provide notice to customers about its privacy policies and practices; 2. Overview. This booklet addresses the treatment of nonpublic personal information about consumers by financial institutions. Specifically, this booklet addresses the duties and limitations for banks intending to disclose account numbers to nonaffiliated third parties and for the redisclosure and reuse of nonpublic personal information received from nonaffiliated financial institutions. Release 34-42974, Privacy of Consumer Financial Information (Regulation S-P), Section III, Subpart E - Safeguard Procedures, (June 22, 2000). The requirement that policies and procedures be written has been in place since 2005. That is, the financial institution may disclose the list in accordance with the privacy policy of the nonaffiliated financial institution from which the financial institution received the list, as limited by the absence or limitation of any opt in direction of each consumer whose nonpublic personal financial information the financial 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.
Rules and Regulations Part 716 and Appendix A Privacy of
Aug 13, 2018 · The CFPB has issued a final rule amending the provisions of Regulation P that implement the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement. The final rule is intended to reflect the GLBA amendments made by the Fixing America’s Surface Transportation Act that exempted financial institutions meeting certain conditions from the annual notice requirement. 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.
§ 216.4 Initial privacy notice to consumers required
Privacy of Consumer Financial Information - Examination Compliance with Regulation P will be required as of July 1, 2001 (see our Circular No. 11251, dated June 14, 2000). Regulation P limits the instances in which a financial institution may share nonpublic personal information about its consumers, unless it provides certain … 12 CFR §1016 Privacy Of Consumer Financial Information 12:8.0.2.1.17.0.1.1: SECTION 1016.1 1016.1 Purpose and scope. 12:8.0.2.1.17.0.1.2: SECTION 1016.2 1016.2 Model privacy form and examples. 12:8.0.2.1.17.0.1.3 Regulation P - PRIVACY OF CONSUMER FINANCIAL … By: www.federalreserve.gov Date: November 11, 2011 PART 216—PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P) Section Contents § 216.1 Purpose and scope. § 216.2 Model privacy form and examples. Understanding Regulation S-P Privacy of Consumer Financial