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Friday, January 30, 2015

Luetkemeyer, Sherman Reintroduce Privacy Notice Bill

Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.) reintroduced an ABA-supported bipartisan bill to eliminate redundant privacy notice mailings. The bill — which passed the House in the previous two Congresses and enjoyed broad support in the Senate — would remove the annual privacy notice mailing requirement in the Gramm-Leach-Bliley Act, instead requiring financial institutions to mail privacy policies only if the policies or information-sharing conditions had changed. ABA said in a letter:

We are hopeful that both the House and Senate will approve this measure, which will reduce the significant costs that institutions incur when providing unnecessary disclosures. More importantly, this legislation will give our customers a break from redundant notices.

Read the letter.

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