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H.R. 3506, The Eliminate Privacy Notice Confusion Act (1 comment ↓ | 4 wiki edits: view article ↓)

  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
  • This bill, or a similar bill, was reintroduced in the current Congress as H.R. 5817, The Eliminate Privacy Notice Confusion Act.

H.R. 3506 would amend the Gramm-Leach-Bliley Act to provide an exception from the continuing requirement for annual privacy notices for financial institutions which do not share personal information with affiliates.

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ChuckL

(logged-in user) April 19, 2010, 6:10pm (report abuse)

Acceptable only if the act makes existing rules and conditions that apply to the existing relationship between the financial institution and the customer permanent and requires the finan cial institution to obtain permission from the customer to change the terms of business with the customer.

In other words so-called representatives, if you wish to give the financial institutions something, then also give us something of equal value to us. You are proposing to eliminate the requirement to notify us of changes on a regular basis. OK, then require the businesses to negotiate with us and prevent them from dropping us if we don't agree with their new terms.

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