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Red Oak Blog

News that affects your business and ours.
 
Saturday, January 2 2016

Annual Privacy Disclosure Notices

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.