Alexander F. Koskey, CIPP/US

Alexander F. Koskey, CIPP/US is an associate in Baker Donelson’s Atlanta office. Contact him at akoskey@bakerdonelson.com.

The Consumer Financial Protection Bureau (CFPB) has issued its final rule adopting changes to Regulation P, which governs the requirements for financial institutions to issue privacy notices to its customers. The final rule implements new timing requirements for sending annual privacy notices pertaining to financial institutions who no longer qualify for the exception and eliminates the “alternative delivery” option for annual privacy notices. The most significant impact of the final rule is the creation of an exception which permits financial institutions to avoid sending annual privacy notices to its customers under certain circumstances. (more…)