The House of Representatives today passed legislation sponsored by U.S. Rep. Blaine Luetkemeyer (MO-9) 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 (H.R. 5817) would eliminate the current requirement that banks 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.

“This legislation would eliminate unnecessary, costly, confusing and often ignored mailings that clog up people’s mailboxes that end up costing millions of dollars to produce and mail. Additionally, many of these costs are ultimately being passed onto customers of banks and credit unions,” Luetkemeyer said. “Not only will this legislation end the redudant mailings, but it 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.”

The legislation heads next to the U.S. Senate for consideration.