Gramm-Leach-Bliley Act Relief Bill Passes House

McLean, VA -- June 25, 2008-- House Bill HR 6312, a bill which will eliminate a debt buyers obligation to send an annual consumer privacy notice under the Gramm-Leach-Bliley Act, passed successfully in the House last night by a voice vote. DBA International, through the strong support of its membership, worked hard in support of the much needed legislation. “The passage of this bill just makes good sense”, says Roger Knauf, Executive Director of DBA International. “Debt buyers are the only financial organization  in America who are both required to send the annual GLB consumer privacy notice, and are also prohibited under FDCPA from sharing consumer information in the first place.” Based on a recent survey of its members, DBA estimates its members will save in excess of $25 Million in annual mailing and administration costs. “The cost of the mailings to our members was one thing, but the administration costs of handling the incoming calls from consumers who were confused over the intent of the notice was equally troubling”, added Kristin Dougherty (President - DBA International).

The language in the bill was authored by Rep. Peter Roskam (R-IL) and Rep. Jim Marshall (D-GA) in April of 2007 and received substantial bi-partisan support from 33 co-sponsors in the House. DBA International will continue to work hard to support Senate passage.