Comments to the Consumer Financial Protection Bureau on Bank Privacy Notices

While ITIF supports the Consumer Financial Protection Bureau’s (CFPB) decision to undertake needed reforms to the Gramm-Leach-Bliley Act (GLBA), CFPB should make additional reforms to improve how users get their privacy policies and further reduce the law's burden on financial institutions, Daniel Castro and Alan McQuinn explain in comments filed with the CFPB.

First, CFPB should allow consumers to choose whether they want to receive GLBA privacy notices. Second, if consumers want to receive privacy notices, CFPB should make electronic privacy notices the default option. Finally, CFPB should allow businesses to charge consumers fees for paper privacy policies if electronic notices are not the default option.