CBAI Supported Privacy Notice Bill Passes the U.S. House

December 12, 2012

The U.S. House approved CBAI supported legislation (H.R. 5817) that would eliminate the provision in the Gramm-Leach-Bliley Act requiring financial institutions to provide annual privacy notices when their disclosure practices have not changed. The Bill titled Eliminate Privacy Notice Confusion Act was approved by the House on a voice vote.

This legislative initiative was included in ICBA’s Communities First Act and would remove an unproductive and burdensome annual expense for community banks.