Legislation to Reduce Privacy Notices Moves Forward

Many readers remember the disappointment felt throughout the credit union community last year when legislation to help reduce the compliance burden associated with annual privacy notices passed the U.S. House of Representatives, but failed to pass the Senate before the end of the last session.

Credit unions and their compliance professionals have new reason for optimism, though. Not only has a new version of the legislation, HR 749, been introduced into the 113th Congress, the bill took its first major step forward this week when it passed the U.S. House of Representatives on Tuesday, March 12.

H.R. 749 would amend the Gramm-Leach-Bliley Act by eliminating costly and repetitive annual privacy notices mailings. Credit unions would only be required to provide updated privacy notices if their privacy policies and practices had changed.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

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