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 a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes.