On the recordDecember 14, 2017
I thank the gentleman from Michigan for his diligent work on this issue. I also thank Chairman Hensarling from Texas for all of the leadership that he has given us throughout the year on this particular issue as well. Several years ago, the gentleman from California (Mr. Sherman) and I introduced bipartisan legislation to require depository institutions to provide privacy information to their customers only if they had changed any policy or practice related to that customer's privacy. That bill was ultimately signed into law by President Obama. It has eliminated millions of confusing and often-ignored mailings that cost millions of dollars to produce each year. While our legislation provided relief to banks and credit unions, it did not extend relief to other financial companies regulated under the Gramm-Leach-Bliley Act; namely, captive finance companies that operate in a manner largely similar to depository institutions. The safeguards featured in the bill from the 114th Congress and codified into law are included in Mr. Trott's bill. This relief will not be granted to a financial company that has changed its policies or practices with regard to disclosure of nonpublic personal information; only if it kept it the same. There is also a requirement that the privacy notice must be made available to consumers in a variety of ways. Consumers will continue to have access to privacy notices through online resources and billing statements.…
