WASHINGTON—The House late last week voted 275-146 in favor of a bill that would provide privacy notice clarity. The Privacy Notice Technical Clarification Act (HR 2396) would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.
“This bill would provide credit unions the flexibility they need to ensure members have access to the relevant sections of the credit unions’ privacy policy,” said CUNA Chief Advocacy Officer Ryan Donovan.
CUNA said credit unions saw a victory in 2015 when President Barack Obama signed a highway funding bill into law, a bill that included provisions modernizing privacy notice requirements. HR 2396 would provide further clarifications.