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Privacy Notice passes the House

The House passed H.R. 749, the Eliminate Privacy Notice Confusion Act, late Tuesday afternoon on a voice vote. The bill now moves on to the Senate for consideration. CUNA expects a Senate version of the bill to be released as early as this week.

H.R. 749 is designed to eliminate the many privacy notices financial institutions are required to send out, even though nothing has changed on the notice. This bill would make it to where financial institutions would only send out a notice when a private policy has changed. The House bill had 73 co-sponsors, including a total of six from Alabama and Florida. Those putting their name on the bill are: Reps. Spencer Bachus (R-AL), Alcee Hastings (D-FL), Gus Bilirakis (R-FL), Dennis Ross (R-FL), Debbie Wasserman Schultz (D-FL) and Richard Nugent (R-FL).