Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Privacy notice bill would help consumers CUs CUNA
WASHINGTON (12/3/12)--Legislation providing an exception for costly annual privacy policy notification requirements if the policy has not changed since it was last disseminated is favored by credit unions, Credit Union National Association (CUNA) President/CEO Bill Cheney wrote in a letter to Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.).

The bill, the Eliminate Privacy Notice Confusion Act (H.R. 5817), could receive a U.S. House vote today.

In the letter, Cheney notes that H.R. 5817 would eliminate a costly and unnecessary compliance burden for credit unions. "The bill eliminates repetitive notices that are often ignored by consumers, and enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant. The legislation also reduces future compliance burden for credit unions and other financial institutions," Cheney wrote.

Separately, Cheney noted that CUNA's support for H.R. 5817 is in keeping with the association's persistent efforts to reduce the regulatory burden on credit unions.

Other initiatives include support for:
  • An ATM disclosure bill that passed the House earlier this year;
  • An examination fairness bill on which CUNA testified in February; and
  • Other legislation making reforms to the Consumer Financial Protection Bureau.
For the full letter, use the resource link.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
3 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
3 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
6 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
7 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
8 hours ago