House OKs Bill Loosening Bank Privacy Disclosure Rules
Law360, New York (December 14, 2017, 9:46 PM EST) -- The U.S. House of Representatives passed a bill Thursday that would loosen current requirements for banks to notify their customers of personal information policies, claiming the bill would reduce duplicative regulation despite concerns for abuse of the information.
The Privacy Notification Technical Clarification Act passed on a 275-146 vote Thursday, sending the measure to the Senate. The bill alters the provisions of the Gramm-Leach-Bliley Act, making it so that banks would have to notify their customers less often of their privacy policies.
Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, said the provisions would ultimately help cut down...
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