Privacy: Annual Notice Requirements

The Privacy rules have been around for twenty-plus years or so, and for a good part of that time, there weren’t really any major changes. You probably recall that the model form did change along the way and in the last five years or so there were some changes with respect to providing the annual notice. Most of the annual notice changes are beneficial to the financial institution, which does not happen in compliance very often. From time to time, we still see financial institutions that aren’t aware of these changes.

Kevin explains more in the video.

Video Highlights:

• Financial institutions are required to provide an annual notice of their privacy policies to consumer customers.
• An annual notice is not required if the financial institution has not changed its policies and does not provide an opt-out.
• Posting the notice on the bank’s website is no longer necessary for meeting this exception.

Published
2023/06/13