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Sens. Jerry Moran, R-Kan., and Heidi Heitkamp, D-N.D., yesterday introduced the NAFCU-backed S. 423, the "Privacy Notice Modernization Act of 2015," which would abolish the statutory requirement for duplicative and costly annual privacy notices.

Reflecting a key part of NAFCU's five-point plan for regulatory relief, this legislation closely mirror H.R. 601, the "Eliminate Privacy Notice Confusion Act," introduced last month by Reps. Blaine Luetkemeyer, R-Mo., and Brad Sherman, D-Calif.

NAFCU's support of the bill was noted in Moran's statement. Other cosponsors to the legislation include: Sens. Tom Cotton, R-Ark., Bob Corker, R-Tenn., Mike Crapo, R-Idaho, Dean Heller, R-Nev., Mark Kirk, R-Ill., Jeff Merkley, D-Ore., Tim Scott, R-S.C., Jon Tester, D-Mont., Pat Toomey, R-Pa., Mark Warner, D-Va., and Elizabeth Warren, D-Mass.

S. 423 is similar to a bill offered last Congress by Moran and Sen. Sherrod Brown, D-Ohio.