Is the Annual Privacy Notice requirement going away? That could be the case if U.S. Representative Blaine Luetkemeyer (R-Mo.) gets his way. You may wish to contact your legislative representative to encourage them to action if the legislation appeals to you.
House Financial Services Committee member Blaine Luetkemeyer (R-Mo.) introduced a bill (H.R. 5817) this month that would amend the Gramm-Leach-Bliley Act by eliminating the requirement to provide an annual privacy notice for federal financial institutions that have not 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 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. Read the bill.