Consumer Affairs Letters
Revised Interagency Examination Procedures for Regulation P
AND COMMUNITY AFFAIRS
|SUBJECT:||Revised Interagency Examination Procedures for Regulation P|
The revised examination procedures reflect an October 2014 Consumer Financial Protection Bureau (CFPB) rulemaking1 that amended the requirements regarding financial institutions’ provision of annual disclosure of privacy practices to customers by creating an alternative delivery method that financial institutions can use under certain circumstances. Additionally, the examination procedures have been updated to reflect the CFPB’s December 2011 recodification in Regulation P of the privacy regulations that were previously issued (by the Board, the Federal Deposit Insurance Corporation, the Federal Trade Commission (FTC), the National Credit Union Administration, the Office of the Comptroller of the Currency, and the former Office of Thrift Supervision2 ), as well as to clarify requirements and improve readability.
If you have any questions, please contact Amal Patel, Senior Supervisory Consumer Financial Services Analyst, at (202) 912-7879, or Tim Robertson, Manager, at (202) 452-2565.
Eric S. Belsky
Division of Consumer and Community Affairs
- See 79 FR 64057 (Oct. 28, 2014).
- See 76 FR 79025 (Dec. 21, 2011). The FTC retains rulemaking authority over any financial institution that is a person described in 12 U.S.C. § 5519 (with certain statutory exceptions, the FTC generally retains rulemaking authority for motor vehicle dealers predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both).