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Credit unions learned about the recent changes to annual privacy notice rules under Regulation P and ways they can reduce their regulatory burden Wednesday during NAFCU's webcast, "A Deep Dive Into the Final Privacy Rule."

NCUA Consumer Compliance Policy and Outreach Director Jamie Goodson gave an overview of CFPB's final rule implementing the Gramm-Leach-Bliley Act requirements. The rule permits eligible credit unions to post annual privacy notices online rather than deliver them by hand or mail.

Goodson detailed the eligibility conditions, which generally require that:

• members' nonpublic personal information is not shared with nonaffiliated third parties;
• disclosure notices do not include an "opt out" notice;
• rules on affiliated marketing were previously satisfied;
• information or parties shared with have not changed; and
• the form in Reg P's appendix is used as the annual privacy notice.

"If a credit union starts using the model form, you can use the alternative method if you meet the conditions," Goodson said. She referred to NCUA's Regulatory Alert 14-RA-11 for more information.

The webcast, moderated by NAFCU Director of Regulatory Affairs Alicia Nealon, will be available on demand for one year.