Oftentimes, these financial institutions do not make changes to their privacy policies, but are still required to mail hundreds of pages of information. The legislation passed by the House reduces the redundant and unclear information being sent to consumers, and brings attention to important announcements a financial provider would send physically.
In the 114th Congress, the House passed the Eliminate Privacy Notice Confusion Act so unchanged privacy policies do not require distribution. H.R. 2396 awaits action in the Senate.