President Barack Obama last week signed into the Fixing America’s Surface Transportation Act (FAST) a provision of which affects the privacy notice requirement under the Gramm-Leach-Bliley Act (GLBA), reports Hunton and Williams’ Privacy & Information Security Law Blog. The current rules require companies regulated by GLBA to annually mail a privacy notice on the data they collect, use and disclose and whether customers can limit the sharing of that data. But the FAST Act exempts financial institutions from providing a privacy notice if it only shares such data with nonaffiliated third parties in a way that doesn’t require an opt-out be provided and hasn’t changed its policies since last notifying a customer.
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