This past week, the House Financial Services Committee held its semi-annual hearing on the Consumer Financial Protection Bureau (CFPB). During the hearing, CFPB Director Richard Cordray gave his testimony, as well as took questions from the panel. During the question and answer period, Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA), sponsors of the credit union privacy notification bill in the House (
H.R. 749), both pressed the Director Cordray on what the CFPB is doing through the regulatory process to address the concerns regarding privacy notifications.
Following the hearing, Reps. Luetkemeyer and Sherman sent Cordray a
letter encouraging him to engage the Senate in support of the legislation and continue to do what he can through the regulatory process to provide relief. The letter shows that this legislation has been introduced the past three Congressional sessions without any movement in the Senate.
The legislation would severely cut down on the amount of notices sent from financial institutions. Right now the House bill has 73 co-sponsors and the Senate bill has 29 co-sponsors.