The American Bankers Association today said that legislation to establish national data privacy standards contains many of the policy priorities that it has advocated for over the years, including ensuring that banks continue to be subject to the Gramm-Leach-Bliley Act framework.
The Secure Data Act (H.R. 8413) would establish national privacy and data security standards enforced by the Federal Trade Commission and state attorneys general, according to a summary of the legislation. The legislation would exempt financial institutions and data covered by the GLBA, but a related bill – the GUARD Financial Data Act (H.R. 8398) – would update the 1999 law to account for advances in technology.
In a letter to the House Subcommittee on Commerce, Manufacturing and Trade, said the two bills are complementary and reflect “a commitment to renewed congressional leadership in the privacy space, which has been left to the states for far too long.”
“There were many areas of potential overlap and conflict, and the products reflect a mature and highly serious attempt to collaborate in a way that enhances consumer protections, expands the reach of data security safeguards, and ensures regulatory oversight by agencies with the necessary levels of subject matter expertise,” ABA said.
