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U.S. HOUSE PASSES ACA-SUPPORTED GRAMM-LEACH-BLILEY REFORMS
FOR IMMEDIATE RELEASE (MINNEAPOLIS -- April 14, 2010) -- Today the U.S. House of Representatives passed H.R. 3506 by voice vote on the Suspension Calendar, creating a positive step forward for the credit and collection industry. Sponsored by Representatives Erik Paulsen (R-MN) and Dennis Moore (D-KS), H.R. 3506 would eliminate unnecessary paperwork requirements under the Gramm-Leach-Bliley Act (GLBA). This legislation will waive an annual privacy notice requirement under the GLBA for companies that either are prohibited from sharing customer information because of other federal laws or don't change their privacy notice from the previous year. This is going to have a positive impact on ACA International members who purchase debt and collect that debt, making them subject to both the GLBA and the Fair Debt Collection Practices Act. Those debt buyers will no longer have to send privacy notices, as the FDCPA prohibits them from sharing information with third parties. "ACA is very grateful the House saw the unnecessary wasteful burden caused by this requirement and moved in a bipartisan fashion to make needed changes to the law," said ACA Federal Government Affairs Director Adam Peterman. "It made no sense to require companies subject to both Gramm-Leach-Bliley and the FDCPA to send consumers notices telling them they weren't sharing their information when they were prohibited from doing so anyhow," said Peterman. "This common-sense reform will save our members currently subject to this requirement millions of dollars in reduced regulatory costs without any decrease in consumer protection."
Tel. (952) 928-8000 X 124 or Schiffman@acainternational.org ### |