The American Bankers Association and six banking and credit union associations said they support legislation to establish national data privacy standards as long as it recognizes the strong legal standards already in place for financial institutions.
The House Energy and Commerce Committee recently issued a request for information on the parameters of a federal data privacy and security framework. In a joint letter to the committee, the associations noted that the Gramm-Leach-Bliley Act and other federal privacy laws currently cover financial institutions. Any federal legislation should avoid language that duplicates or is inconsistent with those laws, they said.
“We support privacy and data security protections for consumer data for other companies who have not been subject to robust laws and oversight on the protection of consumer data,” the associations said.
The associations also said they would support legislation that:
- Eliminates the current inconsistent patchwork of state privacy, data security and artificial intelligence laws.
- Provides robust, exclusive enforcement of a national standard by the appropriate federal or state regulators, including preserving GLBA’s existing administrative enforcement structure for financial institutions.
- Remains consistent with the recommendation of the House Bipartisan Task Force on Artificial Intelligence and recognizes the risk management framework set by federal banking regulators for AI that are already in place for banks and credit unions.
