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Complying with the Rules When Posting Privacy Notices Online

March 16, 2015

Authors

Bryan Cave

Complying with the Rules When Posting Privacy Notices Online

March 16, 2015

by: Bryan Cave

On October 28, 2014, the CFPB amended the consumer privacy rules of Regulation P to allow financial institutions to post privacy notices online rather than mailing the required annual notice each year.  Some institutions are already taking advantage of this alternate delivery method.  There are conditions to this option, however, and some institutions might not be satisfying those conditions.  It is important to confirm that your institution is meeting the following conditions if you have decided to take advantage of the new rule:

  • No Opt Outs.  The alternate delivery method can be used only if you do not share your customers’ information in any way for which the customer has the right to opt out under Regulation P or Section 603(d)(2)(A)(iii) of the Fair Credit Reporting Act (FCRA).  This provision of the FCRA is the one under which information that otherwise would be a “consumer report,” such as credit
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  • New CFPB Disclosure Requirements Come Up Short

    February 26, 2015

    Authors

    Bryan Cave

    New CFPB Disclosure Requirements Come Up Short

    February 26, 2015

    by: Bryan Cave

    On October 28, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending Regulation P (the “Amendment”), which implements the consumer privacy provisions of the Gramm-Leach-Bliley Act (“GLBA”).  In most cases prior to the amendment, Regulation P required financial institutions to mail paper copies of the annual privacy disclosure, which many in the financial industry felt was overly costly and needlessly burdensome.  The new rule permits covered institutions to publish privacy notices electronically on their websites, but only after satisfying the following conditions:

  • The financial institution does not disclose nonpublic personal information to nonaffiliated third parties other than for the exception purposes that do not allow for consumer opt-outs, such as for servicing or processing the consumer’s account;
  • The financial institution’s information sharing practices do not trigger opt-out rights pursuant to Regulation P or Section 603 of the Fair Credit Reporting Act (“FCRA”);
  • The requirements of the affiliate
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  • April 2014 Client Alerts

    April 28, 2014

    Authors

    Bryan Cave

    April 2014 Client Alerts

    April 28, 2014

    by: Bryan Cave

    Practice groups throughout Bryan Cave often prepare alerts on issues of interest to our clients and friends. Listed below are the Client Alerts published in April 2014.  Please click on the title to read the full text of the Alert.

     U.S. Supreme Court Clarifies Test For Standing to Sue Under Federal False Advertising Statute And Rejects Test Used by Several Circuits to Prohibit Suits Brought By Non-Competitor Businesses, published by the Commercial Litigation, Intellectual Property and Trademarks practice groups on April 1, 2014.

    The Australian Privacy Principles:  They don’t apply to me, do they?, published by the Data Privacy and Security team, April 1, 2014.

    SEC Convenes Cybersecurity Roundtable:  Highlights Importance of Cybersecurity for Public Companies and Financial Market Participants, published by the Corporate Finance and Securities practice group and Data Privacy and Security Team, April 4, 2014.

    Now It Gets Personal:  Department of Justice Obtains its First

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    February 2014 – Bryan Cave Client Alerts

    February 28, 2013

    Authors

    Bryan Cave

    February 2014 – Bryan Cave Client Alerts

    February 28, 2013

    by: Bryan Cave

    Practice groups throughout Bryan Cave often prepare alerts on issues of interest to our clients and friends.  Listed below are the client alerts published in January 2014.  Please click on the title to read the full text of the Alert.

    Voluntary for Now:  Federal Cybersecurity Framework Likely to Become the Base-Line Requirement for Critical Infrastructure Organizations and, Potentially, Many Other Businesses, published by the National Security Data Privacy and Security Team, February 20, 2014.

    Managing Legal Risks:  Trends in Data Privacy & Security Class Action Litigation, published by the Data Privacy and Security Team, February 27, 2014.

    Bankruptcy Court Limits Credit Bid Right In An Unnecessarily “Rushed” Sale Process, published by the Bankruptcy, Restructuring and Creditors’ Rights Practice, February 14, 2014.

    Proposed Regulation Would Limit Ability to Restrict Public Disclosure of Product Information Submitted to the CPSC, published by the Consumer Protection and Data Privacy Practice, February

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