WASHINGTON (3/22/13)--In a joint letter with other financial trade groups, CUNA urged the Senate to vote on bipartisan legislation (S. 635) to end the redundancy of privacy notices "without further delay and amendment."
"Credit unions make every effort to provide the most effective and efficient services to their members, which includes ensuring their members are aware of their privacy rights. This legislation safeguards member awareness of those rights, but eliminates repetitive notices that are often ignored by consumers," CUNA President/CEO Bill Cheney said of the Senate bill.
He noted that the bill, and its companion in the House, "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."
"Above all, the bill enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant," Cheney said.