With a new privacy law set to take effect Jan. 1 in California, the American Bankers Association today called on the state’s attorney general to make changes to a set of proposed implementing regulations to help financial institutions comply while ensuring consumer protection.
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.
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.
The Equal Employment Opportunity Commission announced this week that it does not intend to renew its authority to collect data on employees’ pay and hours worked (known as Component 2 Data) after that authority expires
Today banks have the capacity to recreate the lifetime relationships that used to be the norm in banking. And if they want customers to stick around—even when they get offered a slightly better interest rate somewhere else—most banks need to put a heavier focus on communications. They must continually demonstrate to customers that they have offerings to meet their present and future financial needs, no matter what life stage they’re in.
Ahead of yesterday’s House Energy and Commerce Committee hearing and today’s Senate Commerce Committee hearing — both on data privacy — ABA submitted statements for the record urging lawmakers to enact uniform national privacy standards that preempt the existing patchwork of state laws.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) today outlined the approach to data privacy and data security legislation he will continue to pursue during the 116th Congress.
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.
In a comment letter last week, the American Bankers Association urged the Consumer Financial Protection Bureau to operate transparently in its collection and use of data and to adopt safeguards to ensure it does not order the production of data that is overly broad, voluminous or duplicative.