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U.S. House Introduces New Privacy Notice Bill
Friday, January 30, 2015 6:35 AM

On Wednesday, Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA) introduced a bill that would change the annual title notice requirements for certain institutions.

The bill, titled the Eliminate Privacy Notice Confusion Act (H.R. 601), would amend the Gramm-Leach-Bliley Act to exempt from its annual privacy notice requirement any financial institution that:

  • Provides nonpublic personal information only in accordance with specified requirements; and
  • Has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers.

Credit Union National Association wrote to Luetkemeyer and Sherman Wednesday to express its support of the bill.

"The Eliminate Privacy Notice Confusion Act will make privacy notices sent to consumers by financial institutions more meaningful by eliminating the requirement that the notices be sent annually, and requiring them only to be sent when the privacy policy of the financial institution has changed," reads the letter, signed by CUNA President/CEO Jim Nussle. "In addition to enhancing the value of these privacy notifications for consumers, your legislation also reduces regulatory burden for credit unions and other financial institutions."

CUNA estimates that since 2001, credit unions have sent more than one billion annual privacy notices to members.