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.
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The Consumer Financial Protection Bureau today issued its long-awaited final rule amending Regulation P to incorporate a new legal exception to the requirement for banks to send annual privacy notices to their customers.
The Consumer Financial Protection Bureau yesterday updated its rulemaking agenda for the remainder of 2018.
The Federal Trade Commission yesterday proposed a settlement with Paypal over inadequate disclosures of whether funds transferred with its Venmo app were available, over claims that Venmo employed “bank-grade security systems” and over privacy violations.
By a vote of 275 to 146, the House today passed H.R. 2396, a bill supported by ABA that provides technical clarifications about banks’ obligations to send annual privacy notices to consumers.
The House Financial Services Committee today advanced eight ABA-backed regulatory reform bills, including several that ABA and the state bankers associations have long championed as part of ABA’s Blueprint for Growth.
In advance of the House Financial Services Committee’s plans to vote on several regulatory reform bills tomorrow and Friday, ABA today sent a memo to committee members outlining the association’s support for 10 bills on the agenda.
The American Bankers Insurance Association yesterday expressed its support for the Consumer Financial Protection Bureau’s move to implement recent legislation providing banks an exemption from sending an annual privacy notice provided they meet certain requirements.