The Consumer Financial Protection Bureau has amended the annual privacy notice requirements found in the Gramm-Leach-Bliley Act. The CFPB is updating Regulation P, which states financial institutions do not need to send customers an annual privacy notice if the organization has not made any alterations to their practices related to sharing information. The new amendment now requires companies to send customers an updated notice within 100 days of making any changes. The agency has also removed a provision within the regulation allowing financial institutions to use alternative delivery methods to send privacy notices to their customers.
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