when must customers receive privacy notices

Description

https://www.law.cornell.edu/cfr/text/17/248.4

17 CFR § 248.4 – Initial privacy notice to consumers …
https://www.law.cornell.edu/cfr/text/17/248.4
You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to: (1) Customer. An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph (e) of this section; and (2) Consumer.

https://www.ftc.gov/tips-advice/business-center/guidance/how-comply-privacy-consumer-financial-information-rule-gramm

How To Comply with the Privacy of Consumer Financial …
https://www.ftc.gov/tips-advice/business-center/guidance/how-comply-privacy-consumer-financial-information-rule-gramm
Whether or not you share customer NPI, you must give all your customers a privacy notice. You must provide an initial notice by the time the customer relationship is established.

https://www.law.cornell.edu/cfr/text/17/248.5

17 CFR § 248.5 – Annual privacy notice to customers …
https://www.law.cornell.edu/cfr/text/17/248.5
(1) General rule. You must provide a clear and conspicuous notice to customers that accurately reflects your privacy policies and practices not less than annually during the continuation of the customer relationship. Annually means at least once in any period of 12 consecutive months during which that relationship exists.

https://www.fdic.gov/regulations/examinations/financialprivacy/handbook/

Privacy Rule Handbook
https://www.fdic.gov/regulations/examinations/financialprivacy/handbook/
All existing bank customers must receive an initial privacy notice no later than July 1, 2001. Existing bank customers, consumers who are not customers, and former bank customers have the right to opt out if the bank is sharing nonpublic personal information about them with nonaffiliated third parties outside the exceptions.

https://www.bankersonline.com/regulations/12-1016-004

Sec. 1016.4 Initial privacy notice to consumers required …
https://www.bankersonline.com/regulations/12-1016-004
You must provide a clear and conspicuous notice that accurately reflects your privacy policies and practices to: (1) Customer. An individual who becomes your customer, not later than when you establish a customer relationship, except as provided in paragraph (e) of this section; and (2) Consumer.

https://www.bankersonline.com/regulations/12-1016-009

Sec. 1016.9 Delivering privacy and opt out notices …
https://www.bankersonline.com/regulations/12-1016-009
You must provide any privacy notices and opt out notices, including short-form initial notices, that this part requires so that each consumer can reasonably be expected to receive actual notice in writing or, if the consumer agrees, electronically. (b) (1) Examples of reasonable expectation of actual notice.

https://www.ffiec.gov/exam/InfoBase/documents/02-ffi-fp-part_04_privacy_notices_0201.pdf

PDF Part 04 – Privacy Notices
https://www.ffiec.gov/exam/InfoBase/documents/02-ffi-fp-part_04_privacy_notices_0201.pdf
The privacy regulation requires banks to provide several types of privacy notices, also referred to as disclosures or simply notices, to its consumers and customers. Because privacy-related notifications will be a rather important part of your examinations, there are several presentations on this and related topics.

https://www.federalreserve.gov/regulations/cg/faq.pdf

PDF Regulation P: Privacy of Consumer Financial Information …
https://www.federalreserve.gov/regulations/cg/faq.pdf
customers only if you intend to disclose nonpublic personal information about those consumers to nonaffiliated third parties (unless an exception in §§ 216.14 or 216.15 applies such that no initial notice is required prior to the disclosure). • You must give annual privacy notices to your customers as long as they remain your customers.

https://www.consumer.ftc.gov/articles/0222-privacy-choices-your-personal-financial-information

Privacy Choices for Your Personal Financial Information …
https://www.consumer.ftc.gov/articles/0222-privacy-choices-your-personal-financial-information
Usually, you will get a privacy notice when you become a customer of a financial company. If you open an account by phone, however, and you agree, the company may send you a notice later.

https://vinciworks.com/blog/a-brief-guide-to-privacy-notices/

A guide to providing GDPR compliant privacy notices …

A brief guide to providing GDPR compliant privacy notices

If data is being collected directly from the data subject then the privacy notice should be provided at the time of data collection. If collected from a third party then it must be provided within what’s known as a reasonable period of time (one month) or before any disclosure to third parties.