WASHINGTON (10/30/13)--The Credit Union National Association is urging U.S. Senate leaders to bring up the Privacy Notice Modernization Act of 2013 (S.635) for consideration in that chamber. CUNA joined a coalition of financial services and business trade groups in a letter to Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).
In the letter, CUNA and partners said the "common sense measure would reduce the significant costs institutions incur providing unnecessary disclosures and more importantly give (consumers) a break from redundant notices."
CUNA has previously said that while credit unions make every effort to provide the most effective and efficient services to their members, which includes ensuring their members are aware of their privacy rights, repetitive notices are often ignored by consumers.
The Senate bill currently has 35 bipartisan cosponsors, and Consumer Financial Protection Bureau Director Richard Cordray has expressed support for the measure.
The letter to Reid and McConnell was cosigned by the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, Independent Community Bankers Association, National Association of Federal Credit Unions and the U.S. Chamber of Commerce.