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House Passes Privacy Notice Clarification
Monday, December 18, 2017 6:50 AM

The House voted 275-146 in favor of a bill Thursday that would provide privacy notice clarity. The Privacy Notice Technical Clarification Act (H.R. 2396) would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.

“We appreciate continued efforts to provide regulatory relief so credit unions can focus on serving members and improving their financial well-being,” said Cornerstone Credit Union League Chief Advocacy Officer Jim Phelps.

CUNA supported this bill and previously saw a victory in 2015 when President Barack Obama signed a highway funding bill into law, which included provisions for modernizing privacy notice requirements. H.R. 2396 would provide further clarifications.

“This bill would provide credit unions the flexibility they need to ensure members have access to the relevant sections of the credit unions’ privacy policy,” said CUNA Chief Advocacy Officer Ryan Donovan.