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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
  • The house Passed December 14th, 2017
    Roll Call Vote 274 Yea / 146 Nay
      house Committees
      House Committee on Financial Services
      Financial Institutions and Consumer Credit
    IntroducedMay 4th, 2017

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What is it?

This bill would exempt financial institutions from the requirement to annually disclose their policies and practices regarding customers’ private personal information if they meet specific criteria. Specifically, a financial institution would be exempt if they: 1) Haven’t changed their policies since their most recent disclosure; 2) Make those policies available online and upon request through the mail or over the telephone; and 3) Periodically notify customers of the availability of information on those policies and practices.

Impact

Borrowers and their lending financial institutions; and federal financial regulators.

Cost

$0.00
The CBO estimates that enacting this bill would have a negligible impact on the federal budget.

More Information

In-DepthSponsoring Rep. David Trott (R-MI) introduced this bill to modernize the privacy notification process of lenders and increase access to lender privacy policies:

“This critical legislation finally allows auto lenders to modernize their privacy notification process, cutting down on the high compliance costs they’re forced to pass along to consumers while increasing consumer access to important privacy information. In Michigan, the heartland of our nation’s domestic auto industry, legislation that decreases the burden placed on auto manufacturers and provides greater access to information for automotive consumers is a win-win.”

Some House Democrats expressed opposition to this bill in its committee report:

“[The bill} would expand flexibility to comply w’ith, if not minimize, annual notice requirements under the GLBA to all financial institutions, including payday lenders, rent-to-own companies, and potentially bad actors. It would be prudent to narrow the scope of the bill to just financial institutions that obtain and share customer information only with close, but unaffiliated third parties.”

This legislation passed the House Financial Services Committee on a 40-20 vote and has the support of seven bipartisan cosponsors, including four Democrats and three Republicans.


Media:

Summary by Eric Revell

(Photo Credit: wutwhanphoto / iStock)

AKA

Privacy Notification Technical Clarification Act

Official Title

To amend the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.

    Save a tree, everything is available online. You will still be able to access your policy agreements at anytime.,
    Like (38)
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    We need to protect consumers. Banks have proven to be untrustworthy.
    Like (48)
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    Everyone should be updating their information regarding privacy and policy changes on a yearly basis. This will help consumers who may have missed the information the first time around
    Like (26)
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    Our economy was near the brink of collapse after the wanton actions of banks that operated with little governance or oversight. It was a wild west environment that didn’t happen overnight. It occurred gradually through deregulation, one slow drip drop at a time until risky derivatives became the norm. Repealing the privacy disclosure requirement makes disclosure a subjective option to be determined solely through the lens of the bank vs the rigor of regulation in place to protect consumers, and most importantly the stability of our overall economy. It has been said the definition of insanity is doing the same dumb thing over and over and expecting a different outcome. Let’s not be insane. Not only does the immediate horizon of our economic outlook depend on it, but we are also called upon to be good stewards for future generations.
    Like (24)
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    The cost of complying with regulations that mandate lenders send privacy notices to borrowers each year get passed onto consumers. Those notices are unnecessary if the policies haven’t changed since the last notice was sent and the policy is available online.
    Like (12)
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    All organizations and financial institutions should be required to disclose any/all policies despite changes or lack thereof annually.
    Like (9)
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    It’s important for the information to be disclosed!! We need to stay informed ! If they are doing things right they should not have anything to hide.
    Like (9)
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    Customers don’t read them anyways and it creates more confusion than anything.
    Like (7)
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    Banks should make these disclosures. On a regular basis.
    Like (7)
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    Quick win. Save a tree.
    Like (7)
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    No. Customers should always be annually notified of the privacy policies of their financial institution. This is just an attempt by Republicans to degrade consumer protections. Customers shouldn’t have to request anything, there should be an automatic notification every year.
    Like (5)
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    Save money, drain that swamp, ALL of the swamp
    Like (4)
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    Waste of time, effort, and paper...
    Like (4)
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    Anyone actually read bank privacy disclosures? If it’s email it goes to the bit bucket, if paper the recycle bin.
    Like (4)
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    I do not trust banks or bankers. Remember the economic crash of 2008 resulted from deregulation of banks and how they abused that privilege to victimize customers to enrich the banks and bankers own wallets. Remember the jobs, homes, and businesses lost as a result of the crooked banks and bankers.
    Like (3)
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    As long as they are available online and they notify the consumer when there are changes then I don’t see a problem with this.
    Like (3)
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    I doubt that customers will see any cost reduction but if the info is available no need to send it out. They end up in the garbage unopened 99% of the time. USPS however WILL be impacted by this.
    Like (3)
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    Many customers may not have access to materials online.
    Like (3)
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    This removes consumer protections. Profits are at record levels. These charges are not passed on to the consumer, they only reduce the amount of bonuses the executives get. This is the wrong way to go. Must increase consumer protections and hold corporations accountable.
    Like (3)
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    Financial institutions should never be exempted from any regulations. In fact, they should be more heavily regulated.
    Like (3)
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