Banks Renew Paperwork Oath to Guard Your Financial Secrets—Zzz
Published Date: 4/6/2026
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork about how banks protect your financial privacy. They want your thoughts by May 6, 2026, to keep things clear and simple while following the rules. This renewal won’t cost you money but helps make sure your private info stays safe and the paperwork stays manageable.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
You Have a Right to Opt Out
If you are a customer of a national bank or Federal savings association, you have the ongoing right to opt out of disclosures of your nonpublic personal information to nonaffiliated third parties. The rules (12 CFR part 1016) require banks to provide opt-out notices, allow partial opt outs, offer reasonable opt-out methods (check-off boxes, reply forms, electronic means, or a toll-free number), and keep an opt-out in effect until you revoke it.
Paperwork Burden on Banks Renewed
The OCC has submitted renewal of the information collection titled "Privacy of Consumer Financial Information" (OMB Control No. 1557-0216) and estimates 2,451,569 respondents with a total annual burden of 625,291 hours. The OCC invites public comment on this renewal, with comments due by May 6, 2026.
Banks Must Send Privacy Notices
If you are a customer of a national bank or Federal savings association, the bank must give you a clear initial privacy notice and an annual privacy notice that accurately describes its privacy policies and practices (see 12 CFR 1016.4 and 1016.5). The rule being renewed is identified by OMB Control No. 1557-0216.
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