Credit Unions, Banks Back New Senate Privacy Notice Bill

Law360, Los Angeles (March 21, 2013, 7:09 PM EDT) -- In a move supporting by credit unions and community banks, Sens. Sherrod Brown, D-Ohio, and Jerry Moran, R-Kan., introduced a bill Thursday designed to streamline banks' financial privacy notifications that lenders provide to consumers.

The legislation, introduced as S. 635 or the Privacy Notice Modernization Act, would amend the Gramm-Leach-Bliley Act by getting rid of a requirement that privacy policy notices be sent to consumers on a yearly basis.

The bill is supported by the Credit Union National Association, the Independent Community Bankers of America, the...
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