Effective December 3, 2015, H.R. 601’s “Eliminate Privacy Notice Confusion Act” was passed. This bill, eliminates the unnecessary, redundant and costly annual privacy notice requirement for an institution that:
- Does not share information with non-affiliated third parties; and
Since many institutions and consumers are earnestly attempting to “go green” this new requirement will save institutions in the time and effort to print paper notices and mail them to clients and save the environment by using less paper.