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Senators call for quick passage of privacy notification tweaks
WASHINGTON (5/9/14)--Sens. Sherrod Brown (D-Ohio) and Jerry Moran (R-Kan.) this week called on colleagues to follow up on the release of a new Consumer Financial Protection Bureau privacy notification proposal by supporting their own bill, The Privacy Notice Modernization Act.
 
The privacy notice bill would eliminate a requirement that privacy notices be sent on an annual basis. It would instead allow the notices to be sent only when the privacy policy of a financial institution has changed.
 
It would also require credit unions and other financial institutions to make their privacy policy always accessible in some form in order to qualify for the bill's exemption from sending annual privacy notices.
 
The Credit Union National Association supports the bill. The privacy notification legislation was introduced last year.
 
"Consumers don't need to be flooded with duplicative and confusing information, we need to make disclosures easier to understand," Brown said in a release. "The CFPB deserves credit for moving forward with its proposal. But our commonsense bill would further reduce burdensome and unnecessary paperwork--that burden consumers and community banks and credit unions alike--and ensure that provide disclosures are timely, clear, and concise."
 
Moran urged his Senate colleagues to support swift passage of the bill so credit unions and banks can better serve the public and make privacy notices readily available without filling mailboxes with duplicative information.
 
In a letter of support for the bill, CUNA and seven other groups said the "common sense measure would reduce the significant costs institutions incur providing unnecessary disclosures and more importantly give (consumers) a break from redundant notices."
 
The Senate bill currently has 63 bipartisan co-sponsors.


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