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News Now

Washington
Lawmakers Thanks Cordray For Privacy Notice Remarks
WASHINGTON (9/16/13)--Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.) quickly followed up on Consumer Financial Protection Bureau Director Cordray's remarks during a hearing last week that his agency will work with legislators to address privacy notification issues through the regulatory process.
 
Cordray made his remarks as he presented his agency's semiannual report before a House Financial Services Committee hearing. (News Now Sept. 12) At that time in response to lawmakers' inquiries Cordray said, "…our sense is there's a lot we can do by regulation" regarding privacy notifications.
 
Leutkemeyer and Sherman, co-sponsors of a privacy notification bill (H.R. 749) that passed the House last March, also encouraged Cordray to urge the Senate to pass its version of privacy notice legislation (S. 635).
 
Both the House and Senate bills would eliminate a requirement that privacy notices be sent on an annual basis. The bills would allow the notices to be sent only when the privacy policy of a financial institution has changed.

In their Sept. 13 letter to Cordray, Leutkemeyer and Sherman thanked the CFPB director for his support of the "common sense" regulatory reforms. "We agree with your assertion that additional disclosures do not necessarily translate to benefits for consumers and greatly appreciate your willingness to provide relief on this front," the congressmen wrote.
 
The Credit Union National Association supports the privacy notification bills because they would streamline the regulatory burden on credit unions by reducing the credit union staff  time and resources diverted that could be used for more important services to members. The bills would ensure that when a consumer receives a privacy notification, it has significance and is not redundant, CUNA has noted.
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