House Approves Legislation To Eliminate Duplicative Consumer Privacy Notices

The U.S. House of Representatives approved by a voice vote on April 14 an amendment to the Gramm-Leach-Bliley Act that will provide an exemption from annual privacy notice updates for financial institutions that do not share non-public consumer information with unaffiliated third parties or make changes to their privacy policies. Currently, a financial institution is required to send out privacy notices annually, even if its privacy policy has not changed and it does not share customer information.

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