WASHINGTON The House late yesterday passed a bill that will eliminate the requirement that credit unions and banks mail annual privacy disclosures to members/customers explaining information sharing agreements, unless the disclosures changed from the prior year.
The Eliminate Privacy Notice Confusion Act also passed the House during the lame duck session last year, but never received a vote in the Senate.
The bill, backed by CUNA and NAFCU, would require institutions to provide information to their customers only if there has been a change in policy or practice related to the privacy of the customer.
“Abolishing duplicative and costly annual privacy notices is one of the priorities outlined in NAFCU’s five-point plan for credit union regulatory relief. We look forward to the Senate acting on this important issue for credit unions,” said Fred Becker, NAFCU president and CEO.
