CUNA President and CEO Bill Cheney on Introduction of the ‘Eliminate Privacy Notice Confusion Act’

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Patrick Keefe – CUNA Communications; (202) 508-6765;

Privacy notifications would be more meaningful.

MADISON, Wis. (02/15/2013) - This is a common sense regulatory relief measure that would make privacy notifications more meaningful for consumers. It only requires that a privacy notification be sent to a member or customer when the institution’s privacy policy changes – rather than mandate a redundant annual notice that is often overlooked by consumers. Streamlining this requirement will reduce the amount of diverted time and resources that a credit union’s staff could be using to provide more important financial services to its members. Our thanks to Reps. Blaine Luetkemeyer and Brad Sherman for their efforts on this bill, which would help reduce the regulatory burden on credit unions.

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