H.R. 5817 (112th): Eliminate Privacy Notice Confusion Act

Introduced:
May 17, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Blaine Luetkemeyer [R-MO9]
Status:
Died (Passed House)
See Instead:
This bill was re-introduced as H.R. 749 on Feb 15, 2013. See H.R. 749 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on December 12, 2012 but was never passed by the Senate.

Progress
Introduced May 17, 2012
Referred to Committee May 17, 2012
Passed House Dec 12, 2012
Cosponsors
43 cosponsors (22R, 21D) (show)
Committees

House Financial Services

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Gramm-Leach-Bliley Act to provide an exception to the annual privacy notice requirement.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Dec 13, 2012.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/12/2012. Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

This summary can be found at http://www.gop.gov/bill/112/2/hr5817.

Background

According to a Dear Colleague letter signed by the bill’s sponsor, “Under current law, all financial institutions are required to give annual privacy notices to all of their customers that explain their information sharing practices.  Financial institutions are required to give these notices each year even if their privacy policies have not changed, which at best creates unnecessary and redundant waste for financial institutions and customers, and at worst causes consumers to routinely ignore notices that may contain information about important changes.”

Further, “This bill would eliminate the millions of costly, confusing, and often ignored mailings that cost millions to produce each year.  As a result, information included in mailings would likely be more significant to the consumer because they would come only after a change in policy.”

Summary

H.R. 5817 would amend the Gramm-Leach-Bliley Act (GLBA) requirement for financial institutions to provide annual privacy notices to their customers.  The annual notice requirement would be eliminated for any financial institution that: (1) provides nonpublic personal information about consumers to unaffiliated third parties in accordance with GLBA, (2) does not share with its affiliates information about its past transactions with consumers, and (3) has not changed its disclosure policies and practices since its most recent disclosures were sent to consumers.

 

Cost

There was no Congressional Budget Office (CBO) cost estimate available for this legislation.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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