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.
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.