The Ethics Of A Credit Union

1889 Words8 Pages
he Gramm-Leach-Bliley Act, which is implemented by Regulation P, requires credit unions to provide their members with initial and annual privacy notices that inform members about the sharing of nonpublic personal information with third parties. The notices required by Regulation P must be clear and conspicuous, and disclose, in detail, the institution 's privacy policies. In addition to the annual privacy notice, credit unions are also required to inform members of their right to opt-out of the sharing of nonpublic personal information with certain types of third parties. Credit unions have generally complied with Regulation P 's annual notice requirement by mailing the annual privacy notice to all members. Effective October 28, 2014, the Consumer Financial Protection Bureau (CFPB) issued a final regulation that amended Regulation P, which gives credit unions a second option. This second option allows credit unions to post the annual privacy notice online and forego mailing a copy to some of their members. A credit union is still required to use one of the permissible delivery methods that predate this amendment if it has changed or amended its privacy practices, or engage in information-sharing activities for which members have a right to opt-out. While the CFPB 's final regulation does provide some regulatory relief, NAFCU is hoping that more regulatory relief will follow as it continues to lobby congress for a legislative fix. Currently, the Gramm-Leach-Bliley Act
Get Access