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#CFPB Issues Final Privacy Rule

Category: Uncategorized
By Erin OHern    No Comments

The CFPB’s final rule regarding the annual privacy notice was published in the Federal Register and is effective as of October 28, 2014. The final rule amends §1016.9(c) of Regulation P and provides an alternative method for delivering annual privacy notices.

The rule is intended to allow credit unions to post their annual privacy notices online rather than delivering them individually. While the new rule should provide some regulatory relief, credit unions should be careful to first understand the requirements of the rule as certain conditions must be met to take advantage of the more cost effective delivery method.

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