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Rubio co-sponsors Privacy Notices Bill

A bill to modernize the way financial institutions communicate their privacy notices picked up a key senator on Monday. Sen. Marco Rubio (R-FL) signed on as a co-sponsor of S. 635, the Privacy Modernization Act. The bill was first introduced on March 21 and has 11 co-sponsors, including Sen. Rubio.

S. 635 is very similar to HR 749, which was passed by the House on a voice vote on March 20. If the bill become law, annual privacy policy disclosure mailings would only be required of financial institutions when the policy has changed. The Senate bill also requires the privacy notice be made available to consumers online.