Rep. Seeks To Ease Privacy Notification Rule For Financial Cos.

Law360, New York (May 18, 2012, 4:45 PM EDT) -- A Republican congressman from Missouri on Thursday introduced a bill to limit customer privacy notifications required of financial services providers under the Gramm-Leach-Bliley Act.

Rep. Blaine Luetkemeyer, R-Mo., along with co-sponsors Scott Garrett, R-N.J., and Lynn A. Westmoreland, R-Ga., submitted a bill that would grant exemptions from GLB's notification requirements to financial institutions that maintain the same privacy policies from year-to-year.

Under the GLB, which passed in 1999, lenders, investment companies and other financial services providers must send customers an annual notice detailing their information sharing...
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