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Senators Told of Strong CU Support for Privacy Bill

Senators Told of Strong CU Support for Privacy Bill

December 12, 2012


FOR IMMEDIATE RELEASE
Contact: Patrick Keefe
CUNA Communications, 202-508-6765
pkeefe@cuna.com


Leaders of the Senate Banking Committee have been advised by CUNA of credit union support for the "Eliminate Privacy Notice Confusion Act" (H.R. 5817) which passed the House earlier today on a voice vote. "The bill eliminates repetitive notices that are often ignored by consumers, and enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant," CUNA President and CEO Bill Cheney wrote to Chairman Tim Johnson, D-S.D., and Ranking Member Richard Shelby, R-Ala. "The legislation also reduces future compliance burden for credit unions and other financial institutions."

"On behalf of America's credit unions, we appreciate your effort to eliminate unnecessary regulatory burdens for credit unions," Cheney stated. "We strongly support this legislation and look forward to its enactment."

The complete text of Cheney's letter follows.

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December 12, 2012

The Honorable Tim Johnson
United States Senate
136 Hart Senate Office Building
Washington, D.C.  20515

The Honorable Richard Shelby
United States Senate
304 Russell Senate Office Building
Washington, D.C.  20510

Dear Chairman Johnson and Ranking Member Shelby:

On behalf of the Credit Union National Association (CUNA), I am writing in support of H.R. 5817, the Eliminate Privacy Notice Confusion Act which passed the House of Representatives on December 12, 2012 by voice vote. CUNA is the largest credit union advocacy organization in the United States, representing nearly 90% of America's 7,000 state and federally chartered credit unions and their 95 million members. CUNA strongly supports H.R. 5817 and appreciates your leadership on this issue. This legislation also had the backing of Chairman Bachus and Ranking Member Frank.  

H.R. 5817 will eliminate a costly and unnecessary compliance burden for credit unions.  The legislation provides an exception to the Gramm-Leach-Bliley annual privacy notification requirements if the financial institution's privacy policy has not changed since it was last disseminated.

If this legislation becomes law, consumers currently receiving redundant annual privacy notices regardless of whether a policy has changed, will instead receive their notices when actual changes were made to their policies. The bill eliminates repetitive notices that are often ignored by consumers, and enhances consumer protection by ensuring that when a consumer receives a privacy notification, it has significance and is not redundant.  The legislation also reduces future compliance burden for credit unions and other financial institutions.

On behalf of America's credit unions, we appreciate your effort to eliminate unnecessary regulatory burdens for credit unions.  We strongly support this legislation and look forward to its enactment.

Best regards,

Bill Cheney
President & CEO
Credit Union Natl. Assn. (CUNA)
Washington, DC


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