WASHINGTON (3/19/13)--A Senate version of legislation that would make significant improvements in privacy notices for consumers could be introduced in the near future, perhaps as early as this week, Credit Union National Association Senior Vice President for Legislative Affairs Ryan Donovan noted on Monday.
CUNA has consistently supported these privacy notification changes, and CUNA President/CEO Bill Cheney last week said the bill "will make privacy notifications more meaningful by removing a costly and duplicative paperwork requirement that has been no real help to consumers.
"More people are apt to pay attention to privacy notices that are made when their financial institution's policies change rather than when these notices are issued annually as a matter of routine," Cheney noted.
CUNA is also monitoring several hearings in the U.S. House and Senate this week, including the following hearings scheduled for Tuesday:
On Wednesday, the House Financial Services financial institutions and consumer credit subcommittee will discuss community banking regulations. The House Ways and Means select revenue measures subcommittee will also address financial products tax reforms on that day.
The House and Senate are expected to begin a two-week district work period at the end of the week.