Regulation P (12 CFR part 1016) requires credit unions to disclose its privacy policies to customers as well as offer customers a reasonable opportunity to opt out-in whole or in part-of those policies to further restrict the release of their personal financial information to nonaffiliated third parties. Credit unions are required to provide an initial privacy notice to customers that is clear and conspicuous, an annual notice of the privacy policies and practices of the institution, a revised notice to customers if triggered by specific changes to the existing policy, and a notice of the right of the customer to opt out of the institution’s information sharing practices. Consumers who choose to exercise their opt-out right document this choice by returning an opt-out form or other permissible method. This information collection is needed to evidence compliance with title V of the Gramm-Leach-Bliley Act.
The latest form for Privacy of Consumer Financial Information, Regulation P, 12 CFR Part 1016 expires 2023-03-31 and can be found here.
Document Name |
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Supporting Statement A |
Approved without change |
Revision of a currently approved collection | 2023-03-28 | |
Approved without change |
Extension without change of a currently approved collection | 2020-01-27 | |
Approved without change |
Reinstatement with change of a previously approved collection | 2016-09-13 | |
Approved without change |
Extension without change of a currently approved collection | 2003-08-22 | |
Approved without change |
New collection (Request for a new OMB Control Number) | 2000-04-11 |
Federal Enterprise Architecture: Economic Development - Financial Sector Oversight