Regulation P Updated – Finally

Finally!!  On August 10th, the CFPB announced it had finalized amendments to Regulation P.  And to think it only took a little under three years to get it done!  

 

Back in December 2015, we alerted you that President Obama signed the FAST Act into law, which effectively eliminated the annual privacy notice requirement for banks whose sharing practices:

 

  1. Do not require an opt-out under the Gramm-Leach-Bliley Act; and,
  2. Have not changed since the last time they sent their Privacy Notice.

 

Our advice to banks at the time was that the law is the law and they could begin to follow the FAST Act rules right away.  Many have and to our knowledge did not experience any difficulties with their examiners.  Others were a little hesitant to follow the law until a regulation was finalized.  Thankfully, the wait is over.

 

Published
2018/08/13
Amy Kudlacek
Amy Kudlacek

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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