ABA and 49 state bankers associations today urged the Uniform Law Commission to reject a draft of model state-level legislation on consumer data privacy that does not provide sufficient exemptions for banks, which are already subject to stringent federal data security standards and includes the potential for banks to be subject to lawsuits.
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Adopting multiple solutions, or “cloud bandwagoning,” is bound to create friction within a bank’s systems—resulting in unpredictable consequences.
New standards designed for the digital era would strengthen security, prevent fraud and finally give consumers more control over their money.
The American Bankers Association and 51 state bankers associations yesterday wrote to the Uniform Law Commission Committee—which has been tasked with drafting a uniform law on consumer privacy—urging it to retain in the draft the current exemption for information subject to the Gramm-Leach-Bliley Act.
The California Consumer Privacy Act, which took effect at the beginning of 2020 and has had both regulatory and statutory amendments since then, has been described as “GDPR for California,” and it has effects far beyond the Golden State.
Privacy issues matter more than ever, especially in light of European and U.S. regulations regarding how consumer information can be aggregated, shared and used to market products and services.
Banks are more trusted than healthcare companies, nonbank payment providers and the government to keep their information secure and private, according to a new ABA/Morning Consult poll—the seventh consecutive time banks have topped the list.
ABA joined a broad coalition of advocacy organizations representing a range of industries in a letter to the Departments of Justice, Commerce and State and the Office of the Director of National Intelligence yesterday requesting that they convey to European regulators that “U.S. companies cannot be expected to explain U.S. government surveillance practices as they defend their use of [standard contractual clauses] for commercial [data transfers].”
The Consumer Financial Protection Bureau will issue an advance notice of proposed rulemaking later in the year on consumer-authorized access to financial records, according to an announcement today.
Financial institutions will need to break out of old paradigms and adopt improved information sharing strategies that enable more efficient criminal investigations.