*UPDATE* The U.S. House of Representatives announced Friday that it has placed H.R. 749, a bill that would eliminate the annual privacy notice mailing, on the legislative schedule for consideration under suspension of the rules. A similar version of the bill was introduced in a previous session of Congress and was passed by the House on December 12, 2012. It was never passed by the Senate.
Read more: H.R. 749
House Passes Eliminate Privacy Notice Confusion Act (original post published on 12/14/2012)
The bill, amending the Gramm-Leach-Bliley Act, ends the annual privacy notice requirement for financial institutions if the institutions have not made any changes to their privacy practices over the past year. Currently, privacy notices are required to be sent to customers every year, even if a bank’s privacy policies have not changed and it has not shared a customer’s financial information.