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NEW: House Approves Privacy Notice Bill
WASHINGTON (UPDATED: 3/12/13, 5:20 p.m.ET)--The U.S. House has approved by voice vote the Eliminate Privacy Notice Confusion Act (H.R. 749), and the bill will now move on for Senate consideration.

Credit Union National Association President/CEO Bill Cheney said the bill "will make privacy notifications more meaningful by removing a costly and duplicative paperwork requirement that has been no real help to consumers.

"More people are apt to pay attention to privacy notices that are made when their financial institution's policies change rather than when these notices are issued annually as a matter of routine, so House passage is a benefit to consumers and credit unions alike," he added.

H.R. 749 would eliminate repetitive privacy notices by eliminating a requirement that the notices be sent annually. Under the terms of the bill, privacy notices would only to be sent when the privacy policy of a financial institution has changed. A similar bill passed the House in late 2012, but the Senate did not vote on the bill before the last session of Congress ended.

CUNA has backed the bill since it was introduced in the last session of Congress, and urged House members to vote yes on H.R. 749 in a letter sent Tuesday morning. Thousands of credit union representatives also sought support for the legislation when they met with their Washington representatives during the recently completed CUNA 2013 Governmental Affairs Conference.

The CUNA CEO thanked Reps. Blaine Luetkemeyer (R-Mo.) and Brad Sherman (D-Calif.) for their leadership on the privacy notice issue, and urged the Senate to take note of Tuesday's strong House vote "and act promptly in similar fashion to enact this important piece of legislation."

CUNA Senior Vice President for Legislative Affairs Ryan Donovan said a Senate companion bill could be released as soon as this week. Donovan said CUNA looks forward to working with the Senate to pass H.R. 749, or a similar companion bill.


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