Regulation P: Privacy of Consumer Financial Information

Regulation P: Prohibits disclosure of nonpublic personal information (NPPI) to nonaffiliated third-parties unless the financial institution (FI) satisfies notice and opt-out requirements and the consumer has not opted out. Requires annual notice of privacy policies. CFPB Laws and Regulations GLBA Privacy 2016-10-28 · allow the consumer to opt out of the disclosure of the consumer’s nonpublic personal information to a nonaffiliated third party if the disclosure is outside of the exceptions in Sections 13, 14, or 15 of the regulation. If the financial institution provides the consumer’s nonpublic personal information to a nonaffiliated third party under the Federal Reserve Board Regulation P – Privacy of Consumer Consumer: A consumer is an individual who obtains a financial product or service from a financial institution that is primarily for personal, family or household purposes. Customer: A customer, as stated above, is a type of consumer – one who has an ongoing relationship with a financial institution, under which the institution provides a § 216.4 Initial privacy notice to consumers required (2) Consumer. A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by §§216.14 and 216.15. (b) When initial notice to a consumer is not required.

A financial institution must provide its customers with a notice of its privacy policies and practices, and must not disclose nonpublic personal information about a consumer to unaffiliated third

In 2010, the Dodd-Frank Act transferred the GLBA's privacy notice rulemaking authority from the Fed, NCUA, OCC, OTS, the FDIC, and the Commission (in part) to the Consumer Financial Protection Bureau (“CFPB”). The CFPB then restated the implementing regulations in Regulation P, 12 CFR part 1016, in late 2011 (“Regulation P”). A consumer, before you disclose any nonpublic personal information about the consumer to any nonaffiliated third party, if you make such a disclosure other than as authorized by §§ 1016.14 and 1016.15 of this part. (b) When initial notice to a consumer is not required. SUMMARY: Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to By: www.federalreserve.gov Date: November 11, 2011 PART 216—PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P) Section Contents § 216.1 Purpose and scope. § 216.2 Model privacy form and examples.

Compliance with Regulation P will be required as of July 1, 2001 (see our Circular No. 11251, dated June 14, 2000). Regulation P limits the instances in which a financial institution may share nonpublic personal information about its consumers, unless it provides certain …

Regulation P: Privacy of Consumer Financial Information Regulation P is issued by the Bureau of Consumer Financial Protection to govern the treatment of nonpublic personal information about consumers by the financial institutions. This regulation: 1. Requires a financial institution to provide notice to customers about its privacy policies and practices; 2. consumer - Regulation P Privacy of Consumer Financial • A financial institution must provide a notice of its privacy policies, and allow the consumer to opt out of the disclosure of the consumer’s nonpublic personal information, to a nonaffiliated third party if the disclosure is outside of the exceptions in sections 13, 14 or 15 of the regulations. PRIVACY OF CONSUMER FINANCIAL INFORMATION … 2019-5-7 · PRIVACY OF CONSUMER FINANCIAL INFORMATION POLICY REGULATION P It is the policy of the Financial Institution to respect the privacy of customers’/ consumers’ personal financial information. The Financial Institution understands our customers furnish sensitive information to the Financial Institution in the course of daily