If a House bill that has picked up momentum successfully passes, this year's annual privacy notice mailing could be the last.
H.R. 5817, the Eliminate Privacy Notice Confusion Act, would provide an exemption to the Gramm-Leach-Bliley annual privacy notification requirements if the financial institution's privacy policy has not changed since it was last disseminated.
A Friday release from CUNA reported the bill could receive a vote on the House floor as early as Monday.
The bill, sponsored by Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.), currently has 40 bi-partisan co-sponsors according to website govtrack.us. Luetkemeyer was the primary sponsor of H.R. 4367, a bill that would eliminate the redundant ATM placard disclosure that has spawned frivolous lawsuits against ATM owners.
In a letter to Luetkemeyer and Sherman, CUNA President/CEO Bill Cheney said the bill reduces the compliance burden and “eliminates repetitive notices that are often ignored by consumers, and enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant.”
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