As reported on our Privacy and Information Security Law Blog, on May 6, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule impacting privacy notices that financial institutions are required to issue under the Gramm-Leach-Bliley Act (“GLB”). Under the current GLB Privacy Rule, financial institutions must mail an annual privacy notice (the “GLB Privacy Notice”) to their customers that sets forth how they collect, use and disclose those customers’ nonpublic personal information (“NPI”) and whether customers may limit such sharing.
