WASHINGTON, DC - The National Association of Federal Credit Unions (NAFCU) hailed the House’s passage today of H.R. 749, a NAFCU-endorsed bill, that would eliminate the requirement for credit unions to mail redundant privacy notices yearly to members if policies and practices are unchanged.
“We thank Reps. Luetkemeyer and Sherman, their staffs, and the cosponsors, for their unwavering commitment to this common-sense solution. It will go a long way to help alleviate the regulatory burden on financial institutions,” said Fred R. Becker, Jr., NAFCU president and CEO. “Abolishing duplicative and costly annual privacy notices is one of the priorities outlined in NAFCU’s five-point plan for credit union regulatory relief. We look forward to the Senate acting on this important issue for credit unions.”
H.R. 749, “The Eliminate Privacy Notice Confusion Act,” which was reintroduced Feb. 15 by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif is virtually identical to legislation that passed the House in December 2012, but failed to move forward in the Senate during the 112th Congress. The bill would require institutions to mail privacy notices only if they have revised a related policy or practice affecting consumer privacy.
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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.