Privacy of Consumer Financial Information Rule Under the Gramm-Leach-Bliley Act
Abstract
The Federal Trade Commission is amending its Privacy Rule to revise the rule's scope, to modify the rule's definitions of "financial institution" and "Federal functional regulator," and to update the rule's annual customer privacy notice requirement. The amendments also remove certain examples in the rule that apply to financial institutions that now fall outside its scope. This action is necessary to conform the rule to the current requirements of the Gramm- Leach-Bliley Act ("GLBA"), as amended by the Dodd-Frank and FAST Acts, and the Commission's revisions to the Safeguards Rule, which are being announced simultaneously through a separate document published elsewhere in this issue of the Federal Register.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Frequently Asked Questions
What is the 2021-25735 Federal Register document?
Document 2021-25735 is a Final Rule published by the Federal Trade Commission in the Federal Register on December 9, 2021, with an effective date of January 10, 2022. The Federal Trade Commission is amending its Privacy Rule to revise the rule's scope, to modify the rule's definitions of "financial institution" and "Federal functional regulator," and to update the rule's annual customer privacy notice requirement. The amendments also remove certain examples in the rule that apply to financial institutions that now fall outside its scope. This action is necessary to conform the rule to the current requirements of the Gramm- Leach-Bliley Act ("GLBA"), as amended by the Dodd-Frank and FAST Acts, and the Commission's revisions to the Safeguards Rule, which are being announced simultaneously through a separate document published elsewhere in this issue of the Federal Register. View the original at https://www.federalregister.gov/documents/2021/12/09/2021-25735/privacy-of-consumer-financial-information-rule-under-the-gramm-leach-bliley-act.
Is document 2021-25735 an economically significant rule?
No. Document 2021-25735 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.