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ICBA Commends Reps. Marshall and Roskam for Advancing Privacy Notice Exemption Measure

Washington, D.C. (April 19, 2007)—The Independent Community Bankers of America (ICBA) commends Reps. Jim Marshall (D-Ga.) and Peter Roskam (R-Ill.) for cosponsoring the Financial Privacy Notice Relief Act of 2007 which will exempt banks from sending annual privacy notices to customers when the bank does not share customer information with others and the bank's privacy policy has not changed. Under current law, banks must send privacy notices annually to customers regardless of their practices. The bill would not affect the current requirement that a bank must notify customers of its privacy practices at account opening.

"ICBA strongly supports this legislation to provide much-needed regulatory and paperwork relief for community banks and their customers," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Community Bank, Toluca, Ill. "If passed this measure relieves community banks from unnecessary requirements, saves a huge amount of paper and frees up resources that we can devote to serving our communities and further support the credit needs of our customers."

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