Rep. Blaine Luetkemeyer (R-MO) and Rep. Brad Sherman (D-CA) wrote to CFPB Director Richard Cordray to thank him for his stated support of addressing outdated privacy notice regulations.
The House has passed ABA-supported legislation (H.R. 749) that would eliminate the Gramm-Leach-Bliley Act requirement to provide an annual privacy notice for federal financial institutions that have not made changes to their privacy practices. Institutions that changed their privacy policies during the preceding year still would be required to provide a notice. A companion bill (S. 635) by Sen. Sherrod Brown (D-OH) and Sen. Jerry Moran (R-KS) is pending in the Senate.
“We thank you for your support for this common sense regulatory reform,” the House Members wrote. “We agree with your assertion that additional disclosures do not necessarily translate to benefits for consumers… [W]e encourage you to do what is possible through regulation on your own, and engage with the United States Senate on this issue to seek ways to reduce this unnecessary burden.”
Read the full letter.