Feb. 19, 2013 – Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif., on Friday reintroduced NAFCU-sought legislation to eliminate the requirement for credit unions to mail privacy notices yearly to members even when they don’t change their policies.
The bill, H.R. 749, is identical in nature to one that was passed by the House in December but died with the 112th Congress with no Senate vote.
NAFCU President and CEO Fred Becker thanked Luetkemeyer and Sherman for their commitment to helping reduce unnecessary regulatory burden for credit unions.
“We thank Reps. Luetkemeyer and Sherman, and their staffs, for steadfastly pursuing this common-sense solution to ease the regulatory burden on financial institutions,” said Becker. “Eliminating duplicative and costly annual privacy notices is one of the priorities outlined in NAFCU’s recently announced Five-Point Plan for Credit Union Regulatory Relief. We look forward to working with Congress for passage of this critical legislation.”
The “Eliminate Privacy Notice Confusion Act” would require institutions to mail their privacy notices only if they have revised a related policy or practice affecting consumer privacy.