The Consumer Financial Protection Bureau ("CFPB") final amendments that will exempt certain financial institutions from the requirement of providing privacy disclosures under Regulation P (Privacy of Consumer Financial Information) were published in the Federal Register. The amendments will become effective on September 17, 2018.
As previously covered, Regulation P generally requires financial institutions to provide customers with an annual notice describing its privacy policies and procedures. The amendment will exempt institutions from these requirements if they meet certain conditions under the exemption.
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