WASHINGTON—NAFCU and CUNA have joined with a number of other financial services trade groups in a joint letter to the House Committee on Financial Services calling for the Eliminate Privacy Notice Confusion Act to be to the full House for a vote. The legislation has 51 co-sponsors representing both parties.
“The Gramm-Leach-Bliley Act for the first time created an explicit privacy regime for those covered by the law,” the letter states. “A key element of this regime is the requirement to provide customers copies of privacy notices every year, even if privacy policies do not change. These notices have become somewhat notorious for confusing customers with several pages of small-print legalese, as mandated by financial regulators.”
The letter states there is “broad agreement that repeatedly flooding consumers with complicated notices” has “little value” for any of the parties involved, and closes by noting that H.R. 601, if passed, will be a “common sense improvement that will help consumers.”
Joining NAFCU and CUNA in signing the letter were the American Bankers Association, American Financial Services Association Consumer Bankers Association, Financial Services Roundtable, Midsize Bank Coalition of America, and the Mortgage Bankers Association.