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house Bill H.R. 2396

Exempting Banks From Annual Privacy Policy Disclosures if it Hasn't Changed & is Publicly Available

Argument in favor

The cost of complying with regulations that mandate lenders send privacy notices to borrowers each year get passed onto consumers. Those notices are unnecessary if the policies haven’t changed since the last notice was sent and the policy is available online.

Ryan's Opinion
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12/14/2017
Save a tree, everything is available online. You will still be able to access your policy agreements at anytime.,
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Santiago's Opinion
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12/14/2017
The cost of complying with regulations that mandate lenders send privacy notices to borrowers each year get passed onto consumers. Those notices are unnecessary if the policies haven’t changed since the last notice was sent and the policy is available online.
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Hameltor's Opinion
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12/14/2017
Customers don’t read them anyways and it creates more confusion than anything.
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Argument opposed

This bill offers too big an exemption to the requirement that lenders notify customers each year about the policies regarding customers’ personal information. It should only apply to companies that share information with close, but unaffiliated third parties.

Lara's Opinion
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12/14/2017
We need to protect consumers. Banks have proven to be untrustworthy.
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CatherineCampbell's Opinion
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12/13/2017
Everyone should be updating their information regarding privacy and policy changes on a yearly basis. This will help consumers who may have missed the information the first time around
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Michele's Opinion
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12/14/2017
Our economy was near the brink of collapse after the wanton actions of banks that operated with little governance or oversight. It was a wild west environment that didn’t happen overnight. It occurred gradually through deregulation, one slow drip drop at a time until risky derivatives became the norm. Repealing the privacy disclosure requirement makes disclosure a subjective option to be determined solely through the lens of the bank vs the rigor of regulation in place to protect consumers, and most importantly the stability of our overall economy. It has been said the definition of insanity is doing the same dumb thing over and over and expecting a different outcome. Let’s not be insane. Not only does the immediate horizon of our economic outlook depend on it, but we are also called upon to be good stewards for future generations.
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    Save a tree, everything is available online. You will still be able to access your policy agreements at anytime.,
    Like (38)
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    We need to protect consumers. Banks have proven to be untrustworthy.
    Like (48)
    Follow
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    Everyone should be updating their information regarding privacy and policy changes on a yearly basis. This will help consumers who may have missed the information the first time around
    Like (26)
    Follow
    Share
    Our economy was near the brink of collapse after the wanton actions of banks that operated with little governance or oversight. It was a wild west environment that didn’t happen overnight. It occurred gradually through deregulation, one slow drip drop at a time until risky derivatives became the norm. Repealing the privacy disclosure requirement makes disclosure a subjective option to be determined solely through the lens of the bank vs the rigor of regulation in place to protect consumers, and most importantly the stability of our overall economy. It has been said the definition of insanity is doing the same dumb thing over and over and expecting a different outcome. Let’s not be insane. Not only does the immediate horizon of our economic outlook depend on it, but we are also called upon to be good stewards for future generations.
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    The cost of complying with regulations that mandate lenders send privacy notices to borrowers each year get passed onto consumers. Those notices are unnecessary if the policies haven’t changed since the last notice was sent and the policy is available online.
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    All organizations and financial institutions should be required to disclose any/all policies despite changes or lack thereof annually.
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    It’s important for the information to be disclosed!! We need to stay informed ! If they are doing things right they should not have anything to hide.
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    Customers don’t read them anyways and it creates more confusion than anything.
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    Banks should make these disclosures. On a regular basis.
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    Quick win. Save a tree.
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    No. Customers should always be annually notified of the privacy policies of their financial institution. This is just an attempt by Republicans to degrade consumer protections. Customers shouldn’t have to request anything, there should be an automatic notification every year.
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    Anyone actually read bank privacy disclosures? If it’s email it goes to the bit bucket, if paper the recycle bin.
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    Waste of time, effort, and paper...
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    Save money, drain that swamp, ALL of the swamp
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    As long as they are available online and they notify the consumer when there are changes then I don’t see a problem with this.
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    I doubt that customers will see any cost reduction but if the info is available no need to send it out. They end up in the garbage unopened 99% of the time. USPS however WILL be impacted by this.
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    This removes consumer protections. Profits are at record levels. These charges are not passed on to the consumer, they only reduce the amount of bonuses the executives get. This is the wrong way to go. Must increase consumer protections and hold corporations accountable.
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    Financial institutions should never be exempted from any regulations. In fact, they should be more heavily regulated.
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    The cost of complying with regulations that mandate lenders send privacy notices to borrowers each year get passed onto consumers. Those notices are unnecessary if the policies haven’t changed since the last notice was sent and the policy is available online.
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    Yes. We need less paperwork. The computer age was supposed to end that, but we have more paperwork than ever,
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