Blaine Luetkemeyer: “Thank you, Chairwoman Capito, for yielding. Also, I want to thank Mr. Sherman for his fine remarks. We certainly will…”

“Thank you, Chairwoman Capito, for yielding. Also, I want to thank Mr. Sherman for his fine remarks. We certainly will take no offense to a recorded vote and will not oppose that. We understand and support collegiality among ourselves, especially in this time when it seems to be more partisan and toxic than it is friendly, so no problem there, Representative. I rise today in strong support of H.R. 5817, the Eliminate Privacy Notice Confusion Act. I introduced this legislation earlier this year in an effort to reduce yet another unnecessary burden facing consumers and financial institutions alike. Under current law, financial institutions of all sizes are required to provide annual privacy notices explaining information sharing practices to all customers. Banks and credit unions are required to give these notices each year even if their privacy policies have not changed in the slightest. This creates not only waste for financial institutions, but confusion among and increased indirect cost to consumers. H.R. 5817 would require institutions to provide privacy policy information to their customers only if they've changed any policy or practice related to that customer's privacy. This bill would eliminate millions of costly, confusing, and often ignored mailings that cost millions of dollars to produce each year.…”