“Progress by the CFPB and the House of Representatives demonstrates broad support for the principles of the Privacy Notice Modernization Act,” Moran said. “I urge my Senate colleagues to support swift passage of this bill so banks and credit unions can better serve their customers and make privacy notices readily available without filling mailboxes with duplicative information.”
This bill is similar to the CFPB’s proposed rule in that both permit posting GLBA privacy notice online, but the CFPB’s rule specifically requires Fair Credit Reporting Act opt-out notices for the sharing and use of information with affiliates for marketing purposes to be provided separately, while the bill is silent on this issue. The CFPB’s proposed rule would also require banks posting their privacy notices online to notify customers annually that the privacy notice is available online or by calling a toll-free number.
Read ABA's letter in support.