March 12, 2013 – The House today voted to approve H.R. 749, a NAFCU-supported bill that would eliminate the requirement for credit unions to mail annual privacy notices to members unless policies are changed.
NAFCU President and CEO Fred Becker thanked Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif., who reintroduced the bill on Feb. 15, their staffs, and the cosponsors for their "unwavering commitment to this common sense solution." Becker noted that the bill will go "a long way to help alleviate the regulatory burden on financial institutions.”
The aim of the bill - abolishing duplicative and costly annual privacy notices - is one of the priorities outlined in NAFCU’s five-point plan for credit union regulatory relief.
In a letter sent ahead of the House vote, NAFCU Vice President of Legislative Affairs Brad Thaler urged House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., to support the bill. Thaler noted that the bill would "save credit unions valuable staff resources, lower the cost of financial services, and reverse the negative environmental impact" caused by the redundant privacy notice requirement.
H.R. 749 was passed by voice vote. Following the bill's passage, NAFCU immediately called on Senate leaders to act on H.R. 749. "We look forward to the Senate introducing similar legislation and for final passage and enactment of this critical legislation," Becker said.