source:
  type: regulation
  id: reg-p-1016
  authority: 12 CFR Part 1016 — Privacy of Consumer Financial Information (Regulation P)
  description: 'GLBA Title V privacy of consumer financial information (CFPB

    Regulation P), covering initial and annual privacy notices, opt-out

    notices, revised notices for new disclosures, and limits on

    disclosure/redisclosure of nonpublic personal information to

    nonaffiliated third parties.

    '
obligations:
- id: reg-p-1016-a
  canonical_id: reg-p-1016-a
  section: 12 CFR §1016.4(a)
  description: '(a): (a) Initial notice requirement. You must provide a clear and conspicuous notice that
    accurately reflects your privacy policies and practices to: (1) Customer. An individual who becomes
    your customer , not later than when you establish a customer relationship , except as provided in
    paragraph (e) of …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(a) Initial notice requirement. You must provide a clear and conspicuous notice
      that accurately reflects your privacy policies and practices to: (1) Customer. An individual who
      becomes your customer , not later than when you establish a customer relationship , except as provided
      in paragraph (e) of this section; and (2) Consumer. A consumer, before you disclose any nonpublic
      personal information about the consumer to any nonaffiliated third party , if you make such a disclosure
      other than as authorized by §§ 1016.14 and 1016.15 of this part.'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-b
  canonical_id: reg-p-1016-b
  section: 12 CFR §1016.4(b)
  description: '(b): (b) When initial notice to a consumer is not required. You are not required to provide
    an initial notice to a consumer under paragraph (a) of this section if: (1) You do not disclose any
    nonpublic personal information about the consumer to any nonaffiliated third party , other than as
    authorized by …'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(b) When initial notice to a consumer is not required. You are not required to provide
      an initial notice to a consumer under paragraph (a) of this section if: (1) You do not disclose
      any nonpublic personal information about the consumer to any nonaffiliated third party , other than
      as authorized by §§ 1016.14 and 1016.15; and (2) You do not have a customer relationship with the
      consumer.'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-c
  canonical_id: reg-p-1016-c
  section: 12 CFR §1016.4(c)
  description: '(c): (c) When you establish a customer relationship —(1) General rule. You establish a
    customer relationship when you and the consumer enter into a continuing relationship . (2) Special
    rule for loans. You establish a customer relationship with a consumer when you originate or acquire
    the servicing right…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(c) When you establish a customer relationship —(1) General rule. You establish
      a customer relationship when you and the consumer enter into a continuing relationship . (2) Special
      rule for loans. You establish a customer relationship with a consumer when you originate or acquire
      the servicing rights to a loan to the consumer for personal, family , or household purposes. If
      you subsequently transfer the servicing rights to that loan to another financial institution , the
      customer relationship transfers with the servicing rights. (3) Examples —(i) Examples of establishing
      customer relationship by financial institutions other than credit unions and covered entities subject
      to FTC enforcement jurisdiction. For purposes of this paragraph (c)(3)(i), “you” is limited to financial
      institutions other than credit unions and financial institutions described in § 1016.3(l)(3) . You
      establish a customer relationship when the consumer: (A) Opens a credit card account with you ;
      (B) Executes the contract to open a deposit account with you , obtains credit from you , or purchases
      insurance from you ; (C) Agrees to obtain financial, economic, or investment advisory services from
      you for a fee; or (D) Becomes your client for the purpose of your providing credit counseling or
      tax preparation services. (ii) Examples of establishing customer relationship by covered entities
      subject to FTC enforcement jurisdiction. For purposes of this paragraph (c)(3)(ii), “you” is limited
      to financial institutions described in § 1016.3(l)(3) of this part. You establish a customer relationship
      when the consumer: (A) Opens a credit card account with you ; (B) Executes the contract to obtain
      credit from you or purchases insurance from you ; (C) Agrees to obtain financial, economic, or investment
      advisory services from you for a fee; (D) Becomes your client for the purpose of your providing
      credit counseling or tax preparation services or to obtain career counseling while seeking employment
      with a financial institution or the finance, accounting, or audit department of any company (or
      while employed by such a company or financial institution); (E) Provides any personally identifiable
      financial information to you in an effort to obtain a mortgage loan through you ; (F) Executes the
      lease for personal property with you ; (G) Is an obligor on an account that you purchased from another
      financial institution and whom you have located and begun attempting to collect amounts owed on
      the account ; or (H) Provides you with the information necessary for you to compile and provide
      access to all of the consumer''s online financial accounts at your Web site. (iii) Examples of establishing
      customer relationship by credit unions. For purposes of this paragraph (c)(3)(iii), “you” is limited
      to a credit union . You establish a customer relationship when the consumer: (A) Becomes your member
      under your bylaws; (B) Is a nonmember and opens a credit card account with you jointly with a member
      under your procedures; (C) Is a nonmember and executes the contract to open a share or share draft
      account with you or obtains credit from you jointly with a member, including an individual acting
      as a guarantor; (D) Is a nonmember and opens an account with you and you are a credit union designated
      as a low-income credit union ; (E) Is a nonmember and opens an account with you pursuant to State
      law and you are a State -chartered credit union . (iv) Examples of loan rule. You establish a customer
      relationship with a consumer who obtains a loan for personal, family , or household purposes when
      you: (A) Originate the loan to the consumer; or (B) Purchase the servicing rights to the consumer''s
      loan.'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-d
  canonical_id: reg-p-1016-d
  section: 12 CFR §1016.4(d)
  description: '(d): (d) Existing customers. When an existing customer obtains a new financial product
    or service from you that is to be used primarily for personal, family , or household purposes, you
    satisfy the initial notice requirements of paragraph (a) of this section as follows: (1) You may provide
    a revised priv…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(d) Existing customers. When an existing customer obtains a new financial product
      or service from you that is to be used primarily for personal, family , or household purposes, you
      satisfy the initial notice requirements of paragraph (a) of this section as follows: (1) You may
      provide a revised privacy notice, under § 1016.8 of this part, that covers the customer ''s new
      financial product or service; or (2) If the initial, revised, or annual notice that you most recently
      provided to that customer was accurate with respect to the new financial product or service, you
      do not need to provide a new privacy notice under paragraph (a) of this section.'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-e
  canonical_id: reg-p-1016-e
  section: 12 CFR §1016.4(e)
  description: '(e): (e) Exceptions to allow subsequent delivery of notice. (1) You may provide the initial
    notice required by paragraph (a)(1) of this section within a reasonable time after you establish a
    customer relationship if:'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(e) Exceptions to allow subsequent delivery of notice. (1) You may provide the initial
      notice required by paragraph (a)(1) of this section within a reasonable time after you establish
      a customer relationship if:'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-i
  canonical_id: reg-p-1016-i
  section: 12 CFR §1016.4(i)
  description: '(i): (i) Establishing the customer relationship is not at the customer ''s election; or
    (ii) Providing notice not later than when you establish a customer relationship would substantially
    delay the customer ''s transaction and the customer agrees to receive the notice at a later time.
    (2) Examples of excep…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: '(i) Establishing the customer relationship is not at the customer ''s election;
      or (ii) Providing notice not later than when you establish a customer relationship would substantially
      delay the customer ''s transaction and the customer agrees to receive the notice at a later time.
      (2) Examples of exceptions —(i) Not at customer''s election. (A) In the case of financial institutions
      other than credit unions and financial institutions described in § 1016.3(l)(3) , establishing a
      customer relationship is not at the customer ''s election if you acquire a customer ''s deposit
      liability or the servicing rights to a customer ''s loan from another financial institution and
      the customer does not have a choice about your acquisition. (B) In the case of financial institutions
      described in § 1016.3(l)(3) , establishing a customer relationship is not at the customer ''s election
      if you acquire a customer ''s loan or the servicing rights from another financial institution and
      the customer does not have a choice about your acquisition. (C) In the case of credit unions, establishing
      a customer relationship is not at the customer ''s election if you acquire a customer ''s deposit
      liability from another financial institution and the customer does not have a choice about your
      acquisition. (ii) Substantial delay of customer''s transaction. Providing notice not later than
      when you establish a customer relationship would substantially delay the customer ''s transaction
      when: (A) You and the individual agree over the telephone to enter into a customer relationship
      involving prompt delivery of the financial product or service; or (B) You establish a customer relationship
      with an individual under a program authorized by title IV of the Higher Education Act of 1965 (
      20 U.S.C. 1070 et seq. ) or similar student loan programs where loan proceeds are disbursed promptly
      without prior communication between you and the customer . (iii) No substantial delay of customer''s
      transaction. Providing notice not later than when you establish a customer relationship would not
      substantially delay the customer ''s transaction when the relationship is initiated in person at
      your office or through other means by which the customer may view the notice, such as on a Web site.'
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: reg-p-1016-f
  canonical_id: reg-p-1016-f
  section: 12 CFR §1016.4(f)
  description: '(f): (f) Delivery. When you are required to deliver an initial privacy notice by this
    section, you must deliver it according to § 1016.9 of this part. If you use a short-form initial notice
    for non-customers according to § 1016.6(d) of this part, you may deliver your privacy notice according
    to § 1016.6(…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 12 CFR §1016.4(a)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1016.4
    snapshot_id: 4fd2573985ca3eec
    fetched_at: '2026-05-22T18:53:05Z'
    content_hash: sha256:18a5b3727776cd46a02e5dc7140924e79801a853f11a4dcc1b6d0d301b078eb3
    paragraph_quote: (f) Delivery. When you are required to deliver an initial privacy notice by this
      section, you must deliver it according to § 1016.9 of this part. If you use a short-form initial
      notice for non-customers according to § 1016.6(d) of this part, you may deliver your privacy notice
      according to § 1016.6(d)(3). Higher Education Act of 1965 CFR Toolbox Law about... Articles from
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      here Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 12 CFR §1016.4 from Cornell LII snapshot 4fd2573985ca3eec;
      body isolated between nav and notes; substring-verified.
  judgment: false
