GLBA Privacy Reform

GLBA privacy reform concerns proposals to update the federal rules governing how banks and other financial companies collect, retain, disclose, and share customer information.

The measures represented here would broaden protected data to include credentials, biometric and geolocation information; add access, deletion, consent, and data-minimization rights; and address financial-data aggregators and artificial-intelligence uses. A central policy question is whether stronger federal protections should come with preemption of state financial-privacy laws, while also fitting with CFPB open-banking and portability requirements. The reform debate is associated with House lawmakers including Bill Huizenga and the proposed GUARD Financial Data Act.