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Senate Privacy Bill Vote Urged By CUNA, Coalition
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 privacy notice bill, which was introduced by Senate Banking subcommittee on financial institutions Chairman Sherrod Brown (D-Ohio) and committee member Sen. Jerry Moran (R-Kan.) in March, would eliminate a requirement that privacy notices be sent on an annual basis. It would instead allow the notices to be sent only when the privacy policy of a financial institution has changed.

S. 635 is similar to legislation (H.R. 749) that passed the House early this year by voice vote and with broad bipartisan co-sponsorship. However, the Senate bill has some key differences: For instance, the Senate bill would require credit unions and other financial institutions to make their privacy policy always accessible in some form in order to qualify for the bill's exemption from sending annual privacy notices.

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.


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