These are EPIC and NCLC’s longer detailed comments in respond to the House Financial Services Committee request for feedback on current federal consumer financial data privacy law and potential legislative proposals, including updates to the Gramm Leach Bliley Act (GLBA). The comments urge the House FSC to
- Propose comprehensive legislation that meaningfully protects the privacy of consumers’ financial and other information and limits the abuse of personal data. Such legislation should include data minimization requirements; the right to access, correct, and delete personal information; the right to opt out of the processing of the consumer’s personal data for targeted advertising or profiling; the right to opt out of the sale of personal data, and the right to obtain a list of third parties to whom a controller has disclosed the consumer’s personal data. For sensitive information such as financial data, an affirmative opt in should be required for sharing, selling, or target marketing.
- Avoid preempting stronger state laws in any privacy legislation. We strongly oppose any federal data privacy bill that would preempt existing state privacy laws and prevent states from adopting strong new privacy protections.
- Avoid exempting financial institutions covered by GLBA from other federal consumer privacy laws such as the Fair Credit Reporting Act.
- Allow consumers to seek legal redress for violation of their rights under the GLBA.
See all resources related to: Credit Reporting & Data Fairness