The U.S. House of Representatives announced Friday that it hasplaced H.R. 749, a bill that would eliminate the annual privacynotice mailing, on the legislative schedule for consideration undersuspension of the rules.
|The House website said the bill would be considered the week ofMarch 11; CUNA reported Friday that the bill will be consideredTuesday, March 12.
|Rep. Blaine Luetkemeyer (R-Mo.) reintroduced the bill Feb. 15 after it failed to become lawlast year. The House passed the bill in December but it was not considered by theSenate.
|Currently, H.R. 749 has 48 bi-partisan cosponsors, with 26Republicans and 22 Democrats signed on, according to thelegislative tracking website www.govtrack.us.
|CUNA and NAFCU support the bill, which would require privacynotices be mailed only when the policy has changed.
|Currently, credit unions are required to send members a copy ofthe notice each year via mail, regardless of if the policy haschanged. CUNA said it estimates credit unions alone have sent onebillion annual privacy notifications to consumers since 2001.
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