The act is similar to H.R. 749, which the House passed in March. The new act would amend the Gramm-Leach-Bliley Act, eliminating the requirement that privacy policy notices must be mailed out every year. The new act would only require the policy to be mailed out if the financial institution makes a change to the policy.
The National Association of Federal Credit Unions says the bill will go a long way to ease the regulatory burdens on credit unions. Click here to read more.