Privacy of Consumer Financial Information Rule under the Gramm-Leach-Bliley Act
16 CFR Part 313
SUMMARY:
The Federal Trade Commission is amending its Privacy Rule to revise the Rule’s scope, to modify the Rule’s definitions of “financial institution” and “federal functional regulator,” and to update the Rule’s annual customer privacy notice requirement. The amendments also remove certain examples in the Rule that apply to financial institutions that now fall outside the scope of the Commission’s Rule. This action is necessary to conform the Rule to (1) the current requirements of the Gramm-Leach-Bliley Act (“GLBA”), as amended by the Dodd-Frank and FAST Acts, and (2) the Commission’s revisions to the Safeguards Rule, which are being announced simultaneously through a separate notice.
For more information, see here: https://www.ftc.gov/policy/federal-register-notices/16-cfr-part-313-privacy-consumer-financial-information-rule-under-0
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