Amendment to the Privacy of Consumer Financial Information Rule Under the Gramm-Leach-Bliley Act

Résumé

The FTC proposes to amend the Privacy of Consumer Financial Information Rule (Privacy Rule or Rule), which among other things requires that certain motor vehicle dealers provide an annual disclosure of their privacy policies to their customers by hand delivery, mail, electronic delivery, or, alternatively through a Web site, but only with the consent of the consumer. The amendment would allow motor vehicle dealers instead to notify their customers that a privacy policy is available on their Web site, under certain circumstances. The amendment would also revise the scope and definitions in this rule in light of the transfer of part of the Commission's rulemaking authority to the Consumer Financial Protection Bureau (CFPB or the Bureau) in the Dodd-Frank Wall Street Reform and Consumer Protection Act, but retains certain examples for purposes of the FTC's Safeguards Rule.