[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR716.9]

[Page 576-577]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 716_PRIVACY OF CONSUMER FINANCIAL INFORMATION--Table of Contents
 
                  Subpart A_Privacy and Opt Out Notices
 
Sec. 716.9  Delivering privacy and opt out notices.

    (a) How to provide notices. You must provide any privacy notices and 
opt out notices, including short-form initial notices, that this part 
requires so that each consumer can reasonably be expected to receive 
actual notice in writing or, if the consumer agrees, electronically.

[[Page 577]]

    (b) (1) Examples of reasonable expectation of actual notice. You may 
reasonably expect that a consumer will receive actual notice if you:
    (i) Hand-deliver a printed copy of the notice to the consumer;
    (ii) Mail a printed copy of the notice to the last known address of 
the consumer;
    (iii) For the consumer who conducts transactions electronically, 
post the notice on the electronic site and require the consumer to 
acknowledge receipt of the notice as a necessary step to obtaining a 
particular financial product or service;
    (iv) For an isolated transaction with the consumer, such as an ATM 
transaction, post the notice on the ATM screen and require the consumer 
to acknowledge receipt of the notice as a necessary step to obtaining 
the particular financial product or service.
    (2) Examples of unreasonable expectations of actual notice. You may 
not, however, reasonably expect that a consumer will receive actual 
notice if you:
    (i) Only post a sign in your branch or office or generally publish 
advertisements of your privacy policies and practices;
    (ii) Send the notice via electronic mail to a consumer who does not 
obtain a financial product or service from you electronically.
    (c) Annual notices only. You may reasonably expect that a member 
will receive actual notice of your annual privacy notice if:
    (1) The member uses your web site to access financial products and 
services electronically and agrees to receive notices at your web site 
and you post your current privacy notice continuously in a clear and 
conspicuous manner on your web site; or
    (2) The member has requested that you refrain from sending any 
information regarding the member relationship, and your current privacy 
notice remains available to the member upon request.
    (d) Oral description of notice insufficient. You may not provide any 
notice required by this part solely by orally explaining the notice, 
either in person or over the telephone.
    (e) Retention or accessibility of notices for members. (1) For 
members only, you must provide the initial notice required by Sec. 
716.4 (a)(1), the annual notice required by Sec. 716.5(a) and the 
revised notice required by Sec. 716.8 so that the member can retain 
them or obtain them later in writing or, if the member agrees, 
electronically.
    (2) Examples of retention or accessibility. You provide the privacy 
notice to the member so that the member can retain it or obtain it later 
if you:
    (i) Hand-deliver a printed copy of the notice to the member;
    (ii) Mail a printed copy of the notice to the last known address of 
the member upon request of the member; or
    (iii) Make your current privacy notice available on a web site (or a 
link to another web site) for the member who obtains a financial product 
or service electronically and agrees to receive the notice at the web 
site.