WASHINGTON - National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker, Jr. applauded Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Financial Institutions Subcommittee, and Sen. Jerry Moran, R-Kan., for introducing S. 635, the “Privacy Notice Modernization Act of 2013.”
“NAFCU appreciates Sens. Brown and Moran’s efforts, as well as their staffs and cosponsors, for introducing this practical solution to ease the regulatory burden on financial institutions,” said Becker. “NAFCU looks forward to the measure moving forward to passage by Congress and enactment into law.”
Brown and Moran were joined by Sens. Jon Tester, D-Mont., Mark Warner, D-Va., Heidi Heitkamp D-N.D., Mike Johanns, R-Neb., Pat Toomey, R-Pa., and Roy Blunt, R-Mo., as original cosponsors.
The Senate bill is similar to H.R. 749, the “Eliminate Privacy Notice Confusion Act,” introduced by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif., which passed the House earlier this month.
Eliminating duplicative and costly annual privacy notices is one of the priorities outlined in NAFCU's recently announced five-point plan for broad-based credit union regulatory relief.
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.