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House Bill Would Reduce Bank Privacy Policy Mailings

FINANCIAL PRIVACY—U.S.

June 8, 2012

A bill has been introduced in the House of Representatives that aims to reduce the number of bank privacy policy mailings, Bankrate.com reports. Introduced by Rep. Blaine Leutkemeyer (R-MO), HR 5817 would eliminate a Gramm-Leach-Bliley Act provision requiring that financial institutions mail annual privacy policies when no policy practices have changed. Annual privacy policy disclosures would also be deemed unnecessary for state-licensed financial organizations that are subject to state privacy laws, the report states. Credit Union National Association CEO Bill Cheney said the bill "will reduce costs for credit unions and reduce confusion for credit union members."
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