H.R. 2396 — what changed

changed Section 503(f) 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803(f)) 6803) is amended by adding at the end the following:

changed “(2) A financial institution that—“(g) Additional exception to annual notice requirement

changed “(A) “(1) In general—A financial institution that has not changed its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosures disclosure sent to consumers in accordance with this section, section shall not be required to provide an annual disclosure under this section until such time as the financial institution has changed its policies and practices with regard to disclosing nonpublic information from the policies and practices that were disclosed in the most recent disclosures sent to consumers in accordance with this section, provided,if—

changed “(B) “(A) the financial institution makes its current policy available to consumers on its website and via mail upon written request sent to a designated address identified for the purpose of requesting the policy or upon telephone request made using a toll free customer consumer service telephone number; and

changed “(C) “(B) the financial institution conspicuously notifies customers of the availability of the current policy including a message on or with each periodic billing statement for customers who are entitled to periodic billing statements. For customers and consumers who are not entitled to periodic billing statements, the financial institution shall conspicuously notify customers and consumers of the availability of the current policy through other reasonable means such as on its website or with other written communication, including electronic communication, sent to the consumer.policy, including—

changed “(D) If “(i) with respect to consumers who are entitled to a financial institution maintains more than one policy that varies depending periodic billing statement, a message on the consumer’s account status or state of residence, the financial institution may comply with the website posting requirement in subparagraph (B) by posting all of its notices to the public section of its website with instructions for choosing the applicable notice.”each periodic billing statement; and

added “(ii) with respect to consumers who are not entitled to a periodic billing statement, through other reasonable means such as on its website or with other written communication, including electronic communication, sent to the consumer.

added “(2) Treatment of multiple policies—If a financial institution maintains more than one set of policies described under paragraph (1) that vary depending on the consumer’s account status or State of residence, the financial institution may comply with the website posting requirement in paragraph (1)(A) by posting all of such policies to the public section of the financial institution’s website, with instructions for choosing the applicable policy.”