Privacy of Consumer Financial Information (Reg. P)
The Consumer Financial Protection Bureau (CFPB) privacy rule applies to all federally-insured financial institutions, as required by the Gramm-Leach-Bliley Act (the GLB Act or Act). The rule requires credit unions to have a privacy policy and provide certain disclosures and notices to individuals about whom credit unions collect nonpublic personal information. It also restricts a credit union’s ability to disclose nonpublic personal information, including giving individuals in some cases an opportunity to opt out of the disclosure.