NAFCU applauds Reps. Luetkemeyer’s, Sherman’s introduction of ‘Eliminate Privacy Notice Confusion Act’

WASHINGTON, DC (January 28, 2015) — National Association of Federal Credit Unions (NAFCU) Associate Director of Legislative Affairs Chad Adams issued the following statement in response to the introduction today of H.R. 601, the “Eliminate Privacy Notice Confusion Act,” introduced by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif. The legislation would ease statutory privacy notice requirements.

“NAFCU has long urged lawmakers to ease the yearly privacy notice disclosures for credit unions and other financial institutions under the Gramm-Leach-Bliley Act,” said Adams. “We applaud Rep. Luetkemeyer, Rep. Sherman and their staffs for pushing to remove the need for redundant, burdensome notice disclosures, which is a key element of NAFCU’s five-point plan for credit union regulatory relief.”

Luetkemeyer and Sherman were the chief sponsors of H.R. 749, the “Eliminate Privacy Notice Confusion Act,” during the last Congress. The NAFCU-supported bill would have amended the Gramm-Leach-Bliley Act to exempt from the annual privacy policy notice requirement any financial institution that does not share nonpublic information with unaffiliated third parties and has not changed its policy on the sharing of nonpublic personal information from the previous year.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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