Regulation P - Definition
Written by Jason Gordon
Updated at December 20th, 2020
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
Back to:BANKING, LENDING, & CREDIT INDUSTRY
Regulation P
Regulation P is an administrative regulation promulgated by the US Federal Reserve Bank in 1999. The purpose of the regulation is to establish rules for the disclosure of consumer private personal information by member banks. The safeguards include:
- Providing customers notice of privacy practices, and
- The ability to prevent the financial institution from disclosing their data;
The disclosure protection rules we strengthened in 2015 by modifications made pursuant to the Gramm-Leach-Bliley Act.
A Little More on What is Regulation P
Privacy notices must generally disclose:
- If and how an institution discloses consumer information to third parties;
- Procedures in place to protect consumer information; and
- The right to prevent the disclosure of said information.
If a covered institution changes its disclosure policies, it must send a revised notice.
References for Regulation P
https://www.investopedia.com Insights Laws & Regulationshttps://www.consumerfinance.gov/policy-compliance/.../final-rules/?topics=regulation...https://www.federalreserve.gov/bankinforeg/regpcg.htmhttps://www.federalregister.gov/.../privacy-of-consumer-financial-information-regulati...https://www.jdsupra.com/topics/regulation-p/