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house Bill H.R. 601

Are Annual Privacy Policy Notices From Banks/Credit Unions Excessive?

Argument in favor

Requiring financial institutions to mail out their privacy policy every year - even if it hasn’t changed - is a ridiculous waste of time and resources. People can access these policies online at their leisure.

EricRevell's Opinion
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03/24/2015
Forcing banks to send out privacy notices even when their policies haven't changed not only raises costs, but it makes people more likely to ignore all of the banking notices they get.
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04/13/2015
Yet another wasteful government rule that fills up my mailbox with stuff i'll never read.
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Paul's Opinion
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04/15/2015
The print is so small I cannot even read them.
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Argument opposed

Unfortunately, most people don’t read privacy policies in their entirety. Sending out annual notices of up-to-date privacy policies — even if they’re unchanged — ensures that more people can know how their data is being used.

EricSchmeltzer's Opinion
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04/13/2015
A case can be made that few people read them, but it is important that people who have our money are required to reiterate our rights. They aren't excessive, so I urge a no vote on doing away with them.
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Loraki's Opinion
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01/04/2017
"This legislation has been passed in the House three times since 2010 — failing to receive a vote in the Senate every time." Maybe that's because the Senate considers it as unimportant a matter as I do. I personally am not bothered by an annual notice. Now, if it were a monthly thing, then I might get annoyed. But why is this a concern of Congress?! Good grief! Don't y'all have anything better to do with your time and my dime?!
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KollanKolthoff's Opinion
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05/13/2015
Even if they are not read or are tossed out, it is important to at least supply individuals with an update regarding information and their rights.
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    Forcing banks to send out privacy notices even when their policies haven't changed not only raises costs, but it makes people more likely to ignore all of the banking notices they get.
    Like (7)
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    A case can be made that few people read them, but it is important that people who have our money are required to reiterate our rights. They aren't excessive, so I urge a no vote on doing away with them.
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    Yet another wasteful government rule that fills up my mailbox with stuff i'll never read.
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    "This legislation has been passed in the House three times since 2010 — failing to receive a vote in the Senate every time." Maybe that's because the Senate considers it as unimportant a matter as I do. I personally am not bothered by an annual notice. Now, if it were a monthly thing, then I might get annoyed. But why is this a concern of Congress?! Good grief! Don't y'all have anything better to do with your time and my dime?!
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    Let people know your policy and keep them aware of it.
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    It's part of the deal. When the big banks over stepped and took advantage, Now they have to keep the consumer up-to-date. You may not read the notices but some people do. Yes, sometimes there are changes.
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    The print is so small I cannot even read them.
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    Such notices allow consumers to make informed decisions. Most may ignore such notices but some of us actually do try and make good choices.
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    Even if they are not read or are tossed out, it is important to at least supply individuals with an update regarding information and their rights.
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    I was in agreement with this bill until I got to "if they begin sharing nonpublic personal information with third parties" in the summary. So it sounds like they could start sharing your information without your consent or knowledge on January 1 and then wait til December 31 to disclose that change to you. I can see why the senate has rejected this three times- it should be rejected again.
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    I think it's unnecessary.
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    Paper waste
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    Let's save the environment
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    Less cost. Can also get same info on internet
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    It's ridiculous. If they haven't made a change, I don't need a notice. They're a waste of paper and money
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    Notices should be sent out. Not everyone knows what to do with a computer. Besides its their job. Just my opinion
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    Sure. Savings in this area maybe then spent on real priorities. Besides, government isn't our nanny nor should it force others to be one.
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    If you aren't going to read it when you sign up, why would you read it when it arrived in the mail? In other words, why require banks to mail trash to every customer?
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    Excess paper is always non productive. People don't read the things anyway.
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    It's available anytime, up-to-date online. And if you don't have Internet you've got the original or you can pick up a phone and request one.
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