U.S. House Passes Privacy Notification Act
The U.S. House of Representatives passed H.R. 5817, the Eliminate Privacy Notice Confusion Act, by a voice vote on December 12. Currently, financial institutions are required to give annual privacy notices each year, even if their privacy policies have not changed.
This legislation, sponsored by U.S. Rep. Blaine Luetkemeyer (R-District 9) would require credit unions and other financial institutions to provide information to their members ONLY if they have changed any policy or practice related to the privacy of the member.
The bill now moves on to the U.S. Senate.
For more details on the bill, click here.