The House on March 12 passed by voice vote a bill (H.R. 749) that would amend the Gramm-Leach-Bliley Act by eliminating the requirement to provide an annual privacy notice for federal financial institutions that haven’t made changes to their privacy practices. Institutions that changed their privacy policies during the preceding year still would be required to provide a notice.
The legislation -- introduced by Blaine Luetkemeyer (R-Mo.) on February 15 -- also would eliminate the annual privacy disclosure requirement for state-licensed financial institutions that are subject to state privacy protection laws or regulations -- or become subject to such regulations.
This sensible legislation, which is supported by bank and credit union trade associations, would remove an additional expense for financial institutions and help to make privacy notices more meaningful to consumers.
The Senate still must pass the legislation.
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