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Wednesday, March 13, 2013

House Passes Bill to Update Privacy Notice Requirement

The House yesterday passed by voice vote an ABA-supported 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 Feb. 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.

The Senate still must pass the legislation.

Learn more from Rep. Luetkemeyer.