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
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.


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
12 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
17 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
18 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
18 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
18 hours ago