House Passes Act to Eliminate Notice Confusion
PRIVACY LAW—U.S.April 15, 2010
The House of Representatives passed a bill yesterday that would nullify the need for some financial institutions to send annual privacy notices, the Star Tribune reports. The Eliminate Privacy Notice Confusion Act will cut "red tape and bureaucracy, while also protecting consumers from confusion over their privacy policies when nothing has changed," according to the office of Rep. Erik Paulsen (R-MN), who cosponsored the bill with Rep. Dennis Moore (D-KS). Debt buyers in particular are expected to benefit from the reform, according to PaymentsSource. The legislation now moves to the Senate.