House Passes Banking Privacy Notice Reform Law

Law360, New York (March 13, 2013, 12:48 PM EDT) -- The U.S. House of Representatives has approved legislation to eliminate the requirement for banks and other financial institutions to mail customers annual privacy notices, passing the measure by voice vote Tuesday.

Aiming to save customers time and money and reduce unnecessary paperwork, the Eliminate Privacy Notice Confusion Act, H.R. 749, would free banking entities from having to send out yearly privacy information, provided they have made no changes to their policies over the previous 12 months. Under current law, privacy notices must be mailed every year...
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