Following a recent CFPB proposal on privacy disclosures, U.S. Sens. Sherrod Brown (D-Ohio) and Jerry Moran (R-Kan.) renewed their push for  legislation that would streamline financial privacy notifications.

The Privacy Notice Modernization Act, which has 63 bipartisan cosponsors, would exempt institutions that do not publicly share customer information from delivering annual privacy notices unless there has been a change to the privacy policy.  However, the existing privacy policy would still be available to consumers on the institution's website.

The Gramm-Leach-Bliley Act currently requires financial institutions to mail a copy of their information-collection and sharing policy to customers annually. The senators noted the disclosures are often long, cluttered and confusing for consumers. They also said the requirement has become expensive for small institutions like community banks and credit unions.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.