If a House bill that has picked up momentum successfully passes, this year’s annual privacy notice mailing could be the last.
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.”