Jun 262022
 
 June 26, 2022  Posted by  Laws, U.S.

Libbie Canter and Andrew Smith of Covington and Burling write:

On June 23, Congressman Patrick McHenry released a discussion draft of new legislation to modernize federal financial data privacy law. The draft legislation would amend and build on the Gramm-Leach-Bliley Act (“GLBA”). The draft includes notable provisions on consumer rights, data minimization, and disclosures. It also updates the definition of “financial institution” to include data aggregators and limits the distinction between “consumers” and “customers” under the GLBA. Finally, the law would preempt state laws regulating the obligations of financial institutions with respect to areas covered under the law. Congressman McHenry is the ranking Republican on the House Financial Services Committee, and the draft legislation could provide a framework for further discussions on financial data privacy moving into the next Congress.

Source: Inside Privacy.

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