Etsy updated their privacy policy on September 25.

In an effort to make the Privacy Policy easier to understand and more user-friendly, we have made a few revisions. We have also added information to the policy regarding how your personal information is used for Etsy’s email newsletters and the Invite A Friend feature.

For more information please see this Storque article.
Etsy also sent Etsy Alert emails about the change to members who are opted in to receive those emails, and they have a notice about it when you log in from the Etsy homepage.

Also see this past UEN article about the last change to the Privacy Policy. That time I went through the new policy line by line to find all the changes. If I have time I do plan to do the same thing this time, so check back for updates.