U.S. Rep. Blaine Luetkemeyer (MO-3) is re-introducing legislation passed late last year by the House of Representatives that will end up saving customers of banks and credit unions time and money by eliminating redundant mailings.
Luetkemeyer's Eliminate Privacy Notice Confusion Act, a version of which passed without opposition in December, 2012, would eliminate the current requirement that financial institutions have to mail to all customers annual privacy notices explaining information sharing practices even when a financial institution's privacy policies have not changed. Instead, Luetkemeyer's bill would require banks and credit unions to provide information to customers only if privacy policies have in fact changed at their financial institution.
"I was extremely pleased that the House previously supported this legislation to eliminate unnecessary, costly, confusing and often ignored mailings that clog up people's mailboxes and I am hopeful that this new measure will ultimately be approved by the U.S. Senate and signed into law by the president," Luetkemeyer said. "Not only will this bill reduce the costs passed onto the customers of banks and credit unions but also will make it more likely that people will pay closer attention to important mailings they receive from their financial institutions because they are receiving fewer."