The U.S. House of Representatives announced Friday that it has placed H.R. 749, a bill that would eliminate the annual privacy notice mailing, on the legislative schedule for consideration under suspension of the rules.

The House website said the bill would be considered the week of March 11; CUNA reported Friday that the bill will be considered Tuesday, March 12.

Rep. Blaine Luetkemeyer (R-Mo.) reintroduced the bill Feb. 15 after it failed to become law last year. The House passed the bill in December but it was not considered by the Senate.

Currently, H.R. 749 has 48 bi-partisan cosponsors, with 26 Republicans and 22 Democrats signed on, according to the legislative tracking website www.govtrack.us.

CUNA and NAFCU support the bill, which would require privacy notices be mailed only when the policy has changed.

Currently, credit unions are required to send members a copy of the notice each year via mail, regardless of if the policy has changed. CUNA said it estimates credit unions alone have sent one billion annual privacy notifications to consumers since 2001.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.