WASHINGTON (9/13/13)--The Consumer Financial Protection Bureau will work with legislators to address privacy notification issues through the regulatory process, CFPB Director Richard Cordray said during testimony delivered on Thursday.
Cordray made his remarks as he presented his agency's semiannual report before a House Financial Services Committee hearing.
During that hearing, Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.) asked Cordray to urge the Senate to pass its own version of privacy notice legislation.
Leutkemeyer and Sherman are co-sponsors of a privacy notification bill (H.R. 749) that passed the U.S. House in March.
A Senate privacy notification bill (S. 635) was introduced by Senate Banking subcommittee on financial institutions Chairman Sherrod Brown (D-Ohio) and committee member Sen. Jerry Moran (R-Kan.). It has 28 co-sponsors.
The Credit Union National Association supports the privacy notification bills because they would streamline the regulatory burden on credit unions by reducing the amount of diverted time and resources that a credit union's staff could be using for more important services to its members. The bills would ensure that when a consumer receives a privacy notification, it has significance and is not redundant, CUNA has noted.