GLBA 503(a): Sec. 503(a) (15 U.S.C. 6803(a)) Initial and annual privacy notice

At the time of establishing a customer relationship and not less than annually while it continues, a financial institution provides the consumer a clear and conspicuous disclosure, in writing, electronic form or another form the regulations permit, of its policies and practices on disclosing nonpublic personal information to affiliates and nonaffiliated third parties consistent with section 502 including the categories of information disclosed, on disclosing the information of former customers, and on protecting consumers' nonpublic personal information, made in accordance with the section 504 regulations. Section 503(f), added in 2015, excuses the annual notice for an institution that shares only under the section 502(b)(2) and (e) exceptions and has not changed its policies and practices since its last notice, until it ceases to meet either condition.