CFPB Confirms New Privacy Rule Is Effective Now
In response to a letter from the NAFCU, the CFPB has confirmed that the new rule concerning annual privacy notices was effective immediately upon signature by the President. The new rule eliminates the need to send annual privacy notices to members with existing accounts unless there have been changes to the previous notice that was provided. The CFPB stated that it is working with the various agencies to expedite the rulemaking process. [12/23/15]
