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Washington
NEW: CUNA Urges House Support Ahead Of Privacy Bill Vote
WASHINGTON (UPDATED: 3/12/13, 11:05 a.m. ET)--The Credit Union National Association this morning continues its strong push for a vote, perhaps as soon as today, on the Eliminate Privacy Notice Confusion Act (H.R. 749).

In a letter sent to all members of the U.S. House today, CUNA President/CEO Bill Cheney has encouraged members to pass the legislation that CUNA says will help credit unions by reducing their operational burden and help consumers by ending a requirement that the notices be sent annually even when the conditions have remained the same. Under the terms of the bill, privacy notices would only to be sent when the privacy policy of a financial institution has changed.

The bill is on Tuesday's suspension calendar, and debate is expected to begin around 5 p.m. ET. A recorded vote, if requested, could take place thereafter.

CUNA strongly supports the bill and has worked closely with lawmakers to get the bill to this point.

Cheney in the letter said credit unions have sent an estimated one billion annual privacy notifications to members since 2001. However, he said, fewer than one-quarter of consumers read the privacy notifications they receive, according to one survey. More than three-quarters of consumers would be more likely to read them if they were only sent when the financial institution changed its policy, he noted.

"This suggests that the public policy goal of privacy notifications would be better achieved if the notices had more meaning to consumers." H.R. 749 achieves this end, Cheney wrote.

For the full CUNA letter, use the resource link.
Other Resources

CUNA Letter to Congress
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