The U.S. House of Representatives recently passed a bill that would eliminate unnecessary paperwork requirements under the Gramm-Leach-Bliley Act (GLBA).
House Bill 3506, the Eliminate Privacy Notice Confusion Act, would, as its title indicates, waive the requirement to file an annual privacy notice for companies that are either prohibited from sharing customer information due to other federal laws or don't change their privacy notice year to year. The legislation is expected to help companies who purchase debt and collect it who will no longer have to send privacy notices, as the Fair Debt Collection Practices Act (FDCPA) prevents them from sharing information with third parties.
ACA International, an association of credit and collection professionals, supported the bill and cheered its common sense reforms to overlapping legislation.
"ACA is very grateful the House saw the unnecessary wasteful burden caused by this requirement and moved in a bipartisan fashion to make needed changes to the law," said ACA Federal Government Affairs Director Adam Peterman. "It made no sense to require companies subject to both GLBA and the FDCPA to send consumers notices telling them they weren't sharing their information when they were prohibited from doing so anyhow."
The legislation was originally introduced by Rep. Erik Paulsen (R-MN) and Rep. Dennis Moore (D-KS). It now moves to the Senate where it has been read and referred to the Committee on Banking, Housing and Urban Affairs.
Jacob Barron, NACM staff writer