Credit unions advanced another step forward Thursday in their effort to eliminate the annual privacy notice mailing when Sens. Sherrod Brown (D-Ohio) and Jerry Moran (R-Kan.) introduced S. 635, the Privacy Notice Modernization Act.
Similar to H.R. 749, which passed the House March 12, S. 635 would amend the Gramm-Leach-Bliley Act by eliminating a requirement that privacy policy notices be mailed to consumers annually.
Should the bill become law, annual privacy policy disclosure mailings would only be required of financial institutions when the policy has changed. The Senate bill also requires the privacy notice be made available to consumers online.
NAFCU, which supports the bill, said credit unions that have no Internet presence would be allowed to distribute the policy at branch locations.
NAFCU President/CEO Fred Becker said the bill will "go a long way" to help ease the regulatory burden on financial institutions.
CUNA President/CEO Bill Cheney said the bill safeguards member awareness of their privacy rights but eliminates repetitive notices that are often ignored by consumers.
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