Effective December 3, 2015, H.R. 601’s “Eliminate Privacy Notice Confusion Act” was passed. This bill, eliminates the unnecessary, redundant and costly annual privacy notice requirement for an institution that:
- Does not share information with non-affiliated third parties; and
- Does not change its privacy policy from the last time it was disclosed
Since many institutions and consumers are earnestly attempting to “go green” this new requirement will save institutions in the time and effort to print paper notices and mail them to clients and save the environment by using less paper.
Institutions should still post their Privacy Policy on their website and review it annually to see if it needs to be amended.
About Red Oak Compliance Solutions
Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.