Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Info privacy bill voted by House
WASHINGTON (3/27/12)--H.R. 4014, a House bill that would ensure that credit unions and other entities or individuals that provide information to the Consumer Financial Protection Bureau (CFPB) would not waive their right to privacy protections, passed the U.S. House by a voice vote yesterday, and similar legislation could soon be considered in the Senate.

The bill would make technical amendments to the Federal Deposit Insurance Act. Rep. Bill Huzienga (R-Mich.) spoke in support of his bill before the voice vote, saying it adds needed oversight to the CFPB and would create more peace of mind for financial institutions while also protecting consumers.

Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said CUNA has been supportive of a legislative fix to clarify that information submitted by credit unions to the CFPB retains any privileged status that it may have. "Because the language of H.R. 4014 amends the Federal Deposit Insurance Act, we have worked closely with the sponsors of the legislation and the committee leadership in both the House and the Senate to ensure that credit union information is protected," Donovan added.

HR 4014 would protect information submitted to the Bureau by "any person". In the Committee Report accompanying H.R. 4014, the Financial Services Committee indicated that they intend for the term "any person" to "include any individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, firm, society, joint stock company, or other entity."

Similar legislation, S. 2099, is backed by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking committee minority member Richard Shelby (R-Ala.).

The types of privacy improvements contained in the bills have also been endorsed by CFPB Director Richard Cordray.


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
14 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
16 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
18 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
18 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
18 hours ago