Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P), 30485 [2014-12148]

Agencies

• BUREAU OF CONSUMER FINANCIAL PROTECTION

[Federal Register Volume 79, Number 102 (Wednesday, May 28, 2014)]
[Proposed Rules]
[Page 30485]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-12148]


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Proposed Rules
                                                Federal Register
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This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 79, No. 102 / Wednesday, May 28, 2014 / 
Proposed Rules

[[Page 30485]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1016

[Docket No. CFPB-2014-0010]
RIN 3170-AA39


Amendment to the Annual Privacy Notice Requirement Under the 
Gramm-Leach-Bliley Act (Regulation P)

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: On May 13, 2014, the Bureau of Consumer Financial Protection 
(Bureau) published in the Federal Register a Notice of Proposed 
Rulemaking proposing an amendment to the annual privacy notice 
requirement set forth in subpart A of Regulation P (Annual Privacy 
Notice Proposal). The Annual Privacy Notice Proposal allowed a 30-day 
comment period that will end on June 12, 2014. To allow interested 
persons additional time to consider and submit their responses, the 
Bureau has determined that an extension of the comment period until 
July 14, 2014, is appropriate.

DATES: The comment period for the Annual Privacy Notice Proposal 
published May 13, 2014, at 79 FR 27214, is extended. Responses must now 
be received on or before July 14, 2014.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2014-
0010 or RIN 3170-AA39, by any of the following methods:
     Electronic: https://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Monica Jackson, Office of the Executive Secretary, 
Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 
20552.
     Hand Delivery/Courier: Monica Jackson, Office of the 
Executive Secretary, Consumer Financial Protection Bureau, 1275 First 
Street NE., Washington, DC 20002.
    Instructions: All submissions should include the agency name and 
docket number or Regulatory Information Number (RIN) for this 
rulemaking. Because paper mail in the Washington, DC area and at the 
Bureau is subject to delay, commenters are encouraged to submit 
comments electronically. In general, all comments received will be 
posted without change to https://www.regulations.gov. In addition, 
comments will be available for public inspection and copying at 1275 
First Street NE., Washington, DC 20002, on official business days 
between the hours of 10 a.m. and 5 p.m. Eastern Time. You can make an 
appointment to inspect the documents by telephoning (202) 435-7275.
    All comments, including attachments and other supporting materials, 
will become part of the public record and subject to public disclosure. 
Sensitive personal information, such as account numbers or social 
security numbers, should not be included. Comments generally will not 
be edited to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: For general inquiries, submission 
process questions, or any additional information, please contact Monica 
Jackson, Office of the Executive Secretary, 202-435-7275.

SUPPLEMENTARY INFORMATION: On May 6, 2014, the Bureau issued the Annual 
Privacy Notice Proposal. The Annual Privacy Notice Proposal was then 
published in the Federal Register on May 13, 2014. The Annual Privacy 
Notice Proposal seeks comment, data and information from the public 
about a proposed amendment to the annual privacy notice requirement set 
forth in subpart A of Regulation P, 12 CFR Part 1016. The amendment 
would create an alternative delivery method for this annual privacy 
disclosure, which financial institutions would be able to use under 
certain conditions.
    The comment period on the Annual Privacy Notice Proposal was to 
close on June 12, 2014.
    The Bureau has received a coordinated request from banking and 
financial service provider trade associations asking that the Bureau 
extend the Annual Privacy Notice Proposal comment period from 30 to 90 
days. The request indicated that additional time would enable 
interested parties to more thoroughly evaluate and respond to the 
specific issues raised in the proposal.
    The Bureau balances interested parties' desire to have additional 
time to consider the issues raised in the Annual Privacy Notice 
Proposal, gather data, and prepare their responses, with the need to 
proceed expeditiously to consider comments and determine whether to 
issue a final rule. As noted in the proposal, the Bureau anticipates 
that making the proposed alternative delivery mechanism available could 
benefit both industry and consumers. Moreover, the proposed rule is 
relatively brief and concerns a single alternative delivery method for 
a single notice. It also concerns a topic on which the Bureau has 
previously sought and received two rounds of public comment.\1\ The 
Bureau believes in light of these factors that a 60-day extension of 
the comment period, resulting in a 90-day comment period, is not 
necessary or appropriate. However, the Bureau believes that a 30-day 
extension is appropriate. The comment period will therefore close on 
July 14, 2014.
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    \1\ 76 FR 75825 (Dec. 5, 2011). The Streamlining Inherited 
Regulations project provided for an initial comment period and 
another period for replies to those comments. Although the request 
for an extension of the present comment period points out that the 
annual privacy notice amendment proposal has several specifics that 
were not included in the earlier streamlining project request for 
comments, the Bureau believes that those two rounds of comments 
provided robust and helpful input and afforded interested parties a 
meaningful chance to participate regarding the topic of the proposed 
rule.

    Dated: May 20, 2014.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2014-12148 Filed 5-27-14; 8:45 am]
BILLING CODE 4810-AM-P