By a vote of 275 to 146, the House today passed H.R. 2396, a bill supported by the American Bankers Association that provides technical clarifications about banks’ obligations to send annual privacy notices to consumers. As adopted by the House of Representatives, the bill is designed to relieve vehicle finance companies from sending annual privacy notices, provided they meet certain qualifications. The bill would not, however, change the relief that was given to banks in the 2015 highway bill. Banks continue to be exempt from sending annual privacy notices as long as personal non-public information is only shared under one of the statutory exceptions and provided the bank has not changed its information sharing practices since the customer was last given notice. ABA is working with Congress to eliminate any confusion between the two exceptions.
This post has been updated.