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NAFCU Associate Director of Legislative Affairs Chad Adams welcomed the introduction Wednesday of H.R. 601, the "Eliminate Privacy Notice Confusion Act," by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif., to ease statutory privacy notice requirements.

"NAFCU has long urged lawmakers to ease the yearly privacy notice disclosures for credit unions and other financial institutions under the Gramm-Leach-Bliley Act," Adams said. "We applaud Rep. Luetkemeyer, Rep. Sherman and their staffs for pushing to remove the need for redundant, burdensome notice disclosures, which is a key element of NAFCU's five-point plan for credit union regulatory relief."

Luetkemeyer and Sherman were the chief sponsors of H.R. 749, the "Eliminate Privacy Notice Confusion Act," during the last Congress. The NAFCU-supported bill would have amended the Gramm-Leach-Bliley Act to exempt from the annual privacy policy notice requirement any financial institution that does not share nonpublic information with unaffiliated third parties and has not changed its policy on the sharing of nonpublic personal information from the previous year.

H.R. 601 awaits action of the House Financial Services Committee.