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The Senate and the House of Representatives passed a transportation authorization bill – the Surface Transportation Reauthorization and Reform Act (H.R. 22) – on Thursday. The Senate vote count was 83-16, while the House passed the bill by a 359-65 vote. The legislation now awaits President Obama’s signature.

The bill included the text of the Eliminate Privacy Notice Confusion Act (H.R. 601), an amendment by Rep. Blaine Luetkemeyer (R-Mo.). The bill provides relief to financial institutions by changing the frequency in which consumers receive privacy notices. Instead of sending privacy notices yearly, notices will only need to be sent to alert consumers of any documentation changes. Additionally, consumers will receive a privacy notice upon opening a new account.

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