“The elimination of duplicative annual notices will reduce the likelihood of consumer confusion,” he noted.

NAFCU also recommended the agency use its authority stemming from the Administrative Procedure Act to issue an interim final rule that would incorporate the amended Gramm-Leach-Bliley Act into Regulation P.

NAFCU had received inquiries from its members on the issue, which resulted in a need for the letter, Alicia Nealon, director of regulatory affairs for the trade association, told CU Times.

“While NAFCU firmly believes that the changes to Gramm-Leach-Bliley are the controlling law on this issue, this situation is another example of where the CFPB should provide greater clarity so that credit unions are best positioned going into 2016 without ambiguity,” she said.

In a statement to CU Times, a CFPB spokesperson said, “The CFPB recognizes that the recent statutory change on annual privacy notice requirements became effective upon the transportation bill's enactment. The bureau has begun working with our fellow regulators to coordinate on a process to discuss further each agency's plans for rulemaking in this area given the statutory changes. In the meantime, the bureau is conveying to its supervision and enforcement staff that the law is effective immediately so that no financial institution is expected to comply with superseded regulatory requirements.”

CUNA said it is currently in conversations with regulators to seek clarification on the matter.

The legislation included two additional provisions that will affect credit unions: It allows privately insured credit unions to become members of the Federal Home Loan Bank system as well as directs the CFPB to establish a process for determining whether an area should be designated as rural.