The CFPB proposed a new rule on Tuesday that would allow financial institutions to post annual privacy notices online rather than delivering them through direct mail if they meet certain requirements.
The new rule would apply to credit unions, banks and nonbanks within the CFPB's jurisdiction under The Gramm-Leach-Bliley Act.
Currently, four credit unions have more than $10 billion in assets and are supervised by the CFPB. However, according to NAFCU Director of Regulatory Affairs Michael Coleman, the rule would apply to credit union of all sizes.
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