User login

Missouri’s Blunt Cosponsors Privacy Notice Bill In Senate

Missouri U.S. Senator Roy Blunt (R) is an original cosponsor to S. 635, a privacy notice bill introduced in the Senate on March 21. 

Both S. 635 and H.R. 749, the Eliminate Privacy Notice Confusion Act, would eliminate a requirement that privacy notices be sent on an annual basis. Instead, financial institutions would only be required to send notices when its privacy policy changes.

However, the Senate bill is slightly different from the House version that was sponsored by Missouri U.S. Rep. Blaine Luetkemeyer (R-District 3) and passed unanimously on March 12.    S. 635 requires credit unions and other financial institutions to make their privacy policy always accessible in some form in order to qualify for the bill's exemption from sending annual privacy notices.

Credit union representatives from Missouri urged Senator Blunt’s leadership on the privacy notification bill during the Governmental Affairs Conference.

“We greatly appreciate the leadership shown by Senator Blunt in being an original cosponsor to the privacy notification bill in the U.S. Senate,” said Missouri Credit Union Association President/CEO Don Cohenour.  “This demonstrates the importance of meeting with our lawmakers in Washington, D.C. and bringing information to them that can lead to legislation that helps credit unions and consumers alike.”

The Senate bill was introduced by Senate Banking subcommittee on financial institutions Chairman Sherrod Brown (D-OH) and committee member Sen. Jerry Moran (R-KS).  In addition to Sen. Blunt, original cosponsors include Mike Johanns (R-NE), Jon Tester (D-MT), Patrick Toomey (R-PA), Mark Warner (D-VA), and Heidi Heitkamp (D-ND).

If passed, the Senate version would have to go to the House for a vote due to the slight differences in the bills.

Photo:  Senator Roy Blunt met with credit union representatives during the 2013 Governmental Affairs Conference to discuss credit union issues, including the privacy notice bill that he cosponsored on March 21.