In a statement submitted for the record in tomorrow’s House Financial Services Committee fintech task force hearing, ABA highlighted the importance of protecting consumers when they choose to share their financial data with third parties.
From Vermont to California, states are creating a patchwork of data privacy requirements. Complying with them need not be equally piecemeal.
As the National Institute of Standards and Technology works to develop a sector-wide privacy framework, ABA yesterday joined the Bank Policy Institute and SIFMA in a comment letter encouraging NIST to consider existing data privacy frameworks already in place for financial institutions and to work collaboratively with the private sector.
The American Bankers Association yesterday joined the Bank Policy Institute and the Securities Industry and Financial Markets Association in offering feedback on the National Telecommunications Information Administration’s plan to develop a federal consumer data privacy framework.