Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: Privacy Notice Bill Could See House Vote Next Week
WASHINGTON (3/8/13, UPDATED: 12:45 p.m. ET)--H.R. 749, the Eliminate Privacy Notice Confusion Act, is scheduled for a full U.S. House Tuesday. The House just announced that the item is on its suspension calendar for that day.

The Credit Union National Association supports the bill, which would eliminate repetitive privacy notices by eliminating a requirement that the notices be sent annually. Under the terms of the bill, privacy notices would only to be sent when the privacy policy of a financial institution has changed.

Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.) introduced H.R. 749 earlier this year, and the bill has 48 cosponsors. The bill is identical to legislation that unanimously passed the House before the 112th Congress adjourned. The Senate, however, did not act on the bill in time.

Under current rules, credit unions alone have sent an estimated one billion annual privacy notifications to members since 2001, CUNA estimates. CUNA President/CEO Bill Cheney in a letter to lawmakers noted a survey that shows fewer than one-quarter of consumers read the privacy notifications they receive, and over three-quarters of consumers would be more likely to read them if they were only sent when the financial institution changed its policy.

"This suggests that the public policy goal of privacy notifications would be better achieved if the notices had more meaning to consumers." H.R. 749 achieves this end, Cheney wrote.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
17 minutes ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
5 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
5 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
7 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
7 hours ago