left-caret
Insights

client alerts

CFPB Opens the Door to Regulatory Relief—Proposes Change to Privacy Policy Distribution Requirements to a Limited Group of Financial Institutions

May 13, 2014

By AMANDA KOWALSKI & LAWRENCE D. KAPLAN

The Consumer Financial Protection Bureau (“CFPB”) recently proposed a rule (the “Proposed Rule”) allowing companies that do not share customer information with third parties to post their annual privacy notices online, rather than physically or electronically delivering them, in order to promote more effective privacy disclosures from financial institutions to their customers. Permitting electronic posting of privacy notices in this limited circumstance is intended to reduce information overload for consumers, while allowing financial institutions to reduce their compliance expenses.

Practice Areas


Contributors

Image: Lawrence D Kaplan
Lawrence D Kaplan
Of Counsel, Corporate Department