Washington, D.C. (May 8, 2014)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), today issued the following statement on the Consumer Financial Protection Bureau’s proposed rule that would allow community banks and other financial institutions to post annual privacy notices online rather than delivering them individually.
“ICBA has been the leading advocate to reform redundant privacy notice requirements—a key element of our Plan for Prosperity regulatory relief platform. ICBA has strongly advocated legislation to eliminate existing requirements that financial institutions mail customers annual privacy notices even when no change in policy has occurred. The redundant and confusing notices provide no useful information to customers and are a needless paperwork expense for community banks.
“The House last year approved the ICBA-advocated Eliminate Privacy Notice Confusion Act (H.R. 749), introduced by Rep. Blaine Luetkemeyer (R-Mo.), to eliminate the annual privacy notice requirement. Similar legislation—the Privacy Notice Modernization Act (S. 635)—introduced by Sens. Sherrod Brown (D-Ohio) and Jerry Moran (R-Kan.) is pending in the Senate and has more than 63 cosponsors.
“ICBA supports the CFPB’s efforts to address the privacy notice burden and will continue pressing for congressional passage of H.R. 749, S. 635 and other legislation inspired by ICBA’s Plan for Prosperity to eliminate this redundant paperwork requirement.”
For more information about community banks and ICBA’s Plan for Prosperity, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.