Senate Banking Committee Chairman Mike Crapo (R-Idaho) today outlined the approach to data privacy and data security legislation he will continue to pursue during the 116th Congress. Of paramount importance will be ensuring “proper safeguards are in place and consumers are informed” of how their data is being used, he said.
“I intend to further explore legislative solutions that would give consumers more control over and enhance the protection of consumer financial data, and ensure consumers are notified of breaches in a timely and consistent manner,” Crapo said. “We should also examine what can be done to ensure financial regulators and private financial companies give adequate disclosure to citizens and consumers about what information is being collected about them, and for what purposes.” He added that he will also consider how to give consumers greater control over how these entities use their data.
The American Bankers Association has long advocated for consistent, sector-wide data security standards, and continues to highlight the need for all industries handling consumers’ sensitive financial data to be held to the same data protection standards adhered to by regulated financial institutions.