A vote is expected today on H.R. 5817, a bill that would eliminate the required annual privacy notice mailing, CUNA reported.
The Eliminate Privacy Notice Confusion Act would provide an exemption to the Gramm-Leach-Bliley annual privacy notification mailing, requiring the disclosure only if the privacy policy has changed.
State-chartered financial institutions would also be spared the requirement, provided the state has its own privacy regulations.
The bill is sponsored by Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.), and has 41 bi-partisan co-sponsors.
