ABA Outlines Key Elements for Inclusion in Federal Data Privacy Legislation

Ahead of a Senate Commerce Committee Hearing today, the American Bankers Association submitted a statement for the record outlining several key elements that should be included in potential data privacy legislation. Among these elements include a national privacy standard that recognize the existing frameworks and standards already in place for financial institutions; a strong data protection and breach notice framework; robust enforcement; and clear preemption over state privacy and data security laws.

ABA emphasized that “financial institutions have been subject to extensive federal privacy and data protection laws and regulations for several decades,” and that “a national standard containing these elements would provide consistent protections for consumers and will enhance their understanding of their privacy rights.”