FRB Privacy of Consumer Financial Information (Reg. P)

Statute:

Regulation: 12 CFR 216 (Reg P)

PCFI Purpose: The Federal Reserve Board, Regulation P, governs the treatment of nonpublic personal information about consumers by the financial institutions. This part: (1) Requires a financial institution to provide notice to customers about its privacy policies and practices; (2) Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties; and (3) Provides a method for consumers to prevent a financial institution from disclosing that information to most nonaffiliated third parties by “opting out” of that disclosure.