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What is 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.
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How Does Regulation P Work?
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.