March 13, 2013

House clears H.R. 749, Senate next

NAFCU Vice President of Legislative Affairs Brad Thaler

NAFCU Vice President of Legislative Affairs Brad Thaler.

March 13, 2013 – NAFCU wasted no time in pressing Senate leaders to pass H.R. 749, a NAFCU-supported bill that would eliminate a redundant privacy notice requirement, with the association sending a letter Tuesday less than an hour after the bill cleared the House.

NAFCU Vice President of Legislative Affairs Brad Thaler urged Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., to support the bill, and noted that the Senate failed to act in the 111th and the 112th sessions of Congressafter the House passed similar measures by unanimous consent. In both instances, House passage came late in the session."Now," Thaler said, "the Senate hasthe opportunity once again to address this important issueby acting on the bill without delay."

The House approved H.R. 749, the "Eliminate Privacy Confusion Act," by voice vote on Tuesday. Upon the bill's passage, 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.

Just ahead of the House vote, Thaler had called on 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.