March 11, 2013 – The House may vote as early as Tuesday on NAFCU-sought legislation that would eliminate the requirement for credit unions to mail annual privacy notices to members unless policies are changed or information is shared with a non-affiliated third party.
H.R. 749, the “Eliminate Privacy Notice Confusion Act,” which was reintroduced Feb. 15 by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif., was placed on the House suspension calendar on Friday. Bills placed on the suspension calendar do not face the same procedural hurdles that would otherwise prohibit the House from considering a legislative measure. However, no amendments can be made to the bill, and two-thirds of the representatives present will need to agree on the motion in order for the bill to pass.
H.R. 749 is identical to legislation that passed the House in December but failed to move forward with the 112th Congress. The aim of the bill – eliminating duplicative and costly annual privacy notices – is one of the priorities outlined in NAFCU’s five-point plan for credit union regulatory relief. The bill would require institutions to mail their privacy notices only if they have revised their previously disclosed policies or practices affecting consumer privacy. H.R. 749 currently has 48 cosponsors.
NAFCU President and CEO Fred Becker reiterated the association’s appreciation for Luetkemeyer and Sherman for their work on the bill and said NAFCU will “continue to work with the lawmakers and their staffs to pass this critical legislation to ease the regulatory burden on financial institutions.”
NAFCU is asking credit unions to contact their House representatives to seek their support in advance of the vote on H.R. 749. For lawmakers’ Capitol Hill offices, dial the U.S. Capitol switchboard at 202-224-3121.