Privacy Notice Bill Would Help Consumers, CUs: CUNA

Legislation providing an exception for costly annual privacy policy notification requirements if the policy has not changed since it was last disseminated is favored by credit unions, Credit Union National Association (CUNA) President/CEO Bill Cheney wrote in a letter to Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.).

The bill, the Eliminate Privacy Notice Confusion Act (H.R. 5817), could receive a U.S. House vote today.

In the letter, Cheney notes that H.R. 5817 would eliminate a costly and unnecessary compliance burden for credit unions. "The bill eliminates repetitive notices that are often ignored by consumers, and enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant. The legislation also reduces future compliance burden for credit unions and other financial institutions," Cheney wrote.

Separately, Cheney noted that CUNA's support for H.R. 5817 is in keeping with the association's persistent efforts to reduce the regulatory burden on credit unions.

Other initiatives include support for:

• An ATM disclosure bill that passed the House earlier this year;
• An examination fairness bill on which CUNA testified in February; and
• Other legislation making reforms to the Consumer Financial Protection Bureau.

 
For the full letter, click here.