ABA Emphasizes Banks’ Commitment to Consumer Privacy

Responding to a request for feedback on consumer privacy legislation from Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio), the American Bankers Association today emphasized banks’ strong privacy and data security framework under the Gramm-Leach-Bliley Act and called for Congress to take an approach that ensures consistent privacy protections while promoting marketplace efficiency.

Specifically, ABA said it would support legislation that includes four key elements: a national privacy standard that recognizes preexisting GLBA requirements; strong and consistent data security and breach notification requirements; robust enforcement that preserves today’s rigorous GLBA enforcement framework; and clear preemption to ensure all Americans enjoy consistent protections.

With technology rapidly changing how Americans access data and financial services, ABA said it was important that consumers received bank-level security wherever they share sensitive financial data. The association added that privacy approaches like a recent California law or the European Union’s General Data Protection Regulation are not good models for federal privacy legislation.