House Passes Bill To End Banks' Privacy Notice Requirement

Law360, New York (December 13, 2012, 5:08 PM EST) -- The U.S. House of Representatives on Wednesday passed a bill to reduce unnecessary paperwork and consumer confusion by eliminating the requirement for financial institutions to mail customers annual privacy notices.

The Eliminate Privacy Notice Confusion Act, H.R. 5817, would end the annual privacy notice requirement for banks and other financial firms, provided they have made no changes to their privacy policy within 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...
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