Title: Privacy Notification Technical Clarification Act
Policy area: Finance and Financial Sector

Summary:
Privacy Notification Technical Clarification Act
This bill amends the Gramm-Leach-Bliley Act to exempt a financial institution, under specified circumstances, from the requirement to annually disclose its privacy policies to consumers. A financial institution shall be exempt from such requirement if: (1) the institution has not changed its privacy policies since its last disclosure, (2) the current policy is available on its website and via mail, and (3) notice is provided to customers regarding availability of the institution's privacy policies.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2396 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2396

To amend the Gramm-Leach-Bliley Act to update the exception for certain 
           annual notices provided by financial institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2017

  Mr. Trott (for himself and Mr. Clay) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Gramm-Leach-Bliley Act to update the exception for certain 
           annual notices provided by financial institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Privacy Notification Technical 
Clarification Act''.

SEC. 2. EXCEPTION TO ANNUAL NOTICE REQUIREMENT.

    Section 503(f) of the Gramm-Leach-Bliley Act (15 U.S.C. 6803(f)) is 
amended by adding at the end the following: ``or--
            ``(2) A financial institution that--
                    ``(A) has not changed its policies and practices 
                with regard to disclosing nonpublic information from 
                the policies and practices that were disclosed in the 
                most recent disclosures sent to consumers in accordance 
                with this section, shall not be required to provide an 
                annual disclosure under this section until such time as 
                the financial institution has changed its policies and 
                practices with regard to disclosing nonpublic 
                information from the policies and practices that were 
                disclosed in the most recent disclosures sent to 
                consumers in accordance with this section, provided,
                    ``(B) the financial institution makes its current 
                policy available to consumers on its website and via 
                mail upon written request sent to a designated address 
                identified for the purpose of requesting the policy or 
                upon telephone request made using a toll free customer 
                service telephone number; and
                    ``(C) the financial institution conspicuously 
                notifies customers of the availability of the current 
                policy including a message on or with each periodic 
                billing statement for customers who are entitled to 
                periodic billing statements. For customers and 
                consumers who are not entitled to periodic billing 
                statements, the financial institution shall 
                conspicuously notify customers and consumers of the 
                availability of the current policy through other 
                reasonable means such as on its website or with other 
                written communication, including electronic 
                communication, sent to the consumer.
                    ``(D) If a financial institution maintains more 
                than one policy that varies depending on the consumer's 
                account status or state of residence, the financial 
                institution may comply with the website posting 
                requirement in subparagraph (B) by posting all of its 
                notices to the public section of its website with 
                instructions for choosing the applicable notice.''.
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