The regulations require financial institutions to provide particular notices and to comply with certain limitations on disclosure of nonpublic personal information. A financial institution must provide a notice of its privacy policies and practices with respect to both affiliated and nonaffiliated third parties, and allow the consumer to opt out of the disclosure of the consumer’s nonpublic personal information to a nonaffiliated third party if the disclosure is outside of the exceptions.
For operational guidance and structured compliance documentation tools, visit the CLIClaw Privacy Compliance Library.
For more information, see here: https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/financial-privacy-rule
This FAQ is provided for general informational purposes only and is not legal advice. It is intended as a starting point for understanding the issues discussed and should not be relied on as a substitute for advice from qualified legal counsel.
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