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CUNA-backed Privacy Notice Modernization Act introduced in Senate

WASHINGTON, DC (February 10, 2015) — U.S. Senators Jerry Moran (R-KS) and Heidi Heitkamp (D-ND) today introduced Credit Union National Association (CUNA)-backed legislation, the Privacy Notice Modernization Act, S. 423, which would reduce credit union regulatory burden and enhance consumer protection by amending the Gramm-Leach-Bliley Act to require credit unions to send privacy notices to existing members only when the credit union changes its privacy policy. The privacy policy would also be available to members on demand and on the credit unions’ website.

“The fact is that an annual privacy notice requirement is unnecessary, costly and confusing to our members,” said President and CEO of CUNA, Jim Nussle.  “Requiring the notice to be mailed only when the policy is changed will make the notice more meaningful to credit unions and their members. I thank Senators Moran and Heitkamp for their leadership on this important issue.”

Representatives Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA) introduced a companion bill in the U.S. House, the Eliminate Privacy Notice Confusion Act, earlier this year. This legislation has enjoyed broad bipartisan support in the past. In both the 112th and 113th Congresses, it passed the House of Representatives by voice vote. Last Congress, it had 76 bipartisan cosponsors in the Senate.


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