Browsing: Gramm-Leach-Bliley Act

Legal

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.

Compliance and Risk

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.