The U.S. House of Representatives is expected to take action on a bill credit unions are watching closely. H.R. 5817, the Eliminate Privacy Notice Confusion Act, is expected to be on the House floor on December 3.
This bill would eliminate the Gramm-Leach-Bliley Act requirement for financial institutions to send out annual privacy notices each year, even if their privacy policies have not changed. Notifications would be required ONLY when changes to any policy or practice related to the privacy of the member is changed.
The bill's sponsor is Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9), along with Brad Sherman (D-California).
If passed by the U.S. House, the bill will head to the U.S. Senate. The Missouri Credit Union Association will provide updates as action takes place.
For more information about H.R. 5817, click here.