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.
Browsing: Gramm-Leach-Bliley Act
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.
Testifying before the House Financial Services Committee’s Task Force on Artificial Intelligence today, ABA SVP Paul Benda highlighted the ways banks are using cloud technology and urged greater collaboration to enhance cloud security and efficiency.
Analyzing the Gramm-Leach-Bliley exception in California’s new privacy law—and its implications for banks.
Responding to a request for feedback on consumer privacy legislation from Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio), ABA today emphasized banks’ strong privacy and data security framework under the Gramm-Leach-Bliley Act and called for Congress to take an approach that ensures consistent privacy protections while promoting marketplace efficiency.