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Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

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Bureau finally updates Regulation P

The CFPB announced on Friday it had finalized amendments to its Regulation P to implement a December 2015 amendment to the Gramm-Leach-Bliley Act that provides financial institutions that meet certain conditions an exemption to the requirement under the GLBA to deliver an annual privacy notice. A financial institution can use the annual notice exception if it limits its sharing of customer information so that the customer does not have the right to opt out, and has not changed its privacy notice from the one previously delivered to its customer.

The rule issued by the Bureau implements this legislation and establishes deadlines for institutions resuming annual privacy notices if their practices change and they therefore cease to qualify for the exemption. The Regulation P amendments will be effective 30 days after publication in the Federal Register. Financial institutions have been able to take advantage of the GLBA amendments since their enactment in 2015, but some have been reluctant to do so until the regulatory changes were finalized. The final rule is substantially the same as proposed amendments to the regulation issued in July 2016, with changes to the timing provisions for provision of an annual privacy notice when the institution no longer qualifies for the exception.

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