This week, U.S. Rep. Blaine Luetkemeyer (MO-03) introduced the Eliminate Privacy Notice Confusion Act in an attempt to save customers of banks and credit unions time and money by eliminating redundant mailings.

Luetkemeyer’s legislation would eliminate the current requirement that financial institutions have to mail all customers annual privacy notices explaining information sharing practices even when a financial institution’s privacy policies have not changed. This legislation would require banks and credit unions to provide information to customers only if privacy policies have in fact changed at their financial institutions.

“I am pleased to reintroduce this common-sense piece of legislation in the 114^th Congress,” Luetkemeyer said. “The explanation of this bill is very simple: my legislation would reduce costs that are passed onto the customers of banks and credit unions. In addition, this bill would make it more likely for the customers to pay closer attention to important mailings that will come more sporadically. I hope the House will move this bill quickly and the Senate will not stall on this noncontroversial, heavily bipartisan, important, piece of legislation.”

The Eliminate Privacy Notice Confusion Act was introduced in the 112 and 113^th Congress. The Senate has not considered the bill.