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.
- Not enactedThe President has not signed this bill
- The senate has not voted
Senate Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed December 14th, 2017Roll Call Vote 274 Yea / 146 Nay
House Committee on Financial ServicesFinancial Institutions and Consumer CreditIntroducedMay 4th, 2017
- house Committees
What is it?
In-Depth: Sponsoring 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.”
Summary by Eric Revell(Photo Credit: wutwhanphoto / iStock)