Under current law, financial institutions are required to send an annual privacy notification on information sharing practices to its members or customers. This notification is not only a redundant policy but a costly one. For credit unions, the costs associated with these notifications are funds that could be
used to benefit its members. The Eliminate Privacy Notice Confusion Act (S. 635 / H.R. 749) would provide benefits for both credit unions and their members, by streamlining compliance burden and enhancing greater member awareness of the credit union’s privacy policies.
Joint Trades Letter
of Support for S. 635, the Privacy Notice Modernization Act
Letter from CUNA, ABA, ICBA, and NAFCU supporting the redundant mailings of privacy notifications.
Letter to the Members of the House of Representatives in Support of H.R. 749, the Eliminate Privacy Notification Confusion Act.
Letter from Bill Cheney outlining the credit union support for the elimination of the privacy notifications.