March 21, 2013 – NAFCU lobbyists expect a Senate version of a NAFCU-backed, House-approved privacy notice bill to eliminate a redundant notice requirement for credit unions to be introduced as early as today.
Similar to H.R. 749, the "Eliminate Privacy Confusion Act," which passed the House March 12, the Senate bill is expected to propose elimination of the requirement for credit unions to mail annual privacy notices to members unless policies are changed. The legislation, like the House-passed H.R. 749, would help reduce duplicative, costly notice requirements, one of the priorities outlined in NAFCU’s five-point plan for credit union regulatory relief.
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"The Senate has the opportunity once again to
address this important issue . . ."
– NAFCU's Brad Thaler in a letter to Senate
leaders last week on privacy notice legislation
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NAFCU has been pressing lawmakers in both the House and Senate to eliminate the redundant privacy notice requirement, which cleared the House last year but died with the 112th Congress. NAFCU Vice President of Legislative Affairs Brad Thaler pressed for passage of H.R. 749 ahead of this month’s House voice vote. Within an hour following passage, he wrote Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., to urge their support as well.