From the Archives: April 2013

MCUL Encourages Support for Senate Privacy Notice Elimination Bill 

MCUL and CUNA continue to urge members of the Senate to vote on bipartisan legislation (S. 635) to end the redundancy of privacy notices. The Senate bill, which was introduced by Senate Banking Subcommittee on Financial Institutions Chairman Sherrod Brown, D-Ohio, and committee member Sen. Jerry Moran, R-Kan., would eliminate a requirement that privacy notices be sent on an annual basis. It would allow the notices to be sent only when the privacy policy of a financial institution has changed.

Similar to legislation that passed the U.S. House (H.R. 749) in March by voice vote, the Senate bill has some key differences. S. 635 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 privacy notice bills streamline the regulatory burden on credit unions by reducing the amount of diverted time and resources that a credit union's staff could be using for more important services to its members. The MCUL continues to encourage Sens. Carl Levin, D-Detroit, and Debbie Stabenow, D-Lansing, to support and cosponsor S. 635.
 


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