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, wouldprovide an exemption to the Gramm-Leach-Bliley annual privacynotification requirements if the financial institution's privacypolicy has not changed since it was last disseminated.
|A Friday release from CUNA reported the bill could receive avote on the House floor as early as Monday.
|The bill, sponsored by Reps. Blaine Luetkemeyer (R-Mo.) and BradSherman (D-Calif.), currently has 40 bi-partisan co-sponsorsaccording to website govtrack.us. Luetkemeyer was the primary sponsor of H.R. 4367, a bill thatwould eliminate the redundant ATM placard disclosure that hasspawned frivolous lawsuits against ATM owners.
|In a letter to Luetkemeyer and Sherman, CUNA President/CEO BillCheney said the bill reduces the compliance burden and “eliminatesrepetitive notices that are often ignored by consumers, andenhances consumer protection by ensuring that when a consumerreceives a privacy notification, it has significance and is notredundant.”
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