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Monday, May 12, 2014

Sens. Brown, Moran Call for Senate to Pass Privacy Notice Bill

After the CFPB proposed easing banks’ annual privacy notice requirements under the Gramm-Leach-Bliley Act, Sens. Sherrod Brown (D-Ohio) and Jerry Moran (R-Kan.) called on the Senate to pass the bipartisan, ABA-supported Privacy Notice Modernization Act. Moran said:

Progress by the CFPB and the House of Representatives demonstrates broad support for the principles of the Privacy Notice Modernization Act. I urge my Senate colleagues to support swift passage of this bill so banks and credit unions can better serve their customers and make privacy notices readily available without filling mailboxes with duplicative information.

The bill would allow banks that do not share customer information with third parties the option to forego mailing an annual privacy notice unless the privacy policy has changed.

Read more.
Read ABA’s letter in support.
View Newsbytes coverage of the CFPB proposal.
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