This written statement urges the House Financial Services Committee and Congress to:
- Update and strengthen Gramm Leach Bliley, including adopting an opt-in regime for the sharing of financial information and providing for stronger enforcement, but not at the cost of preempting stronger state privacy laws
- Push back against the Trump Administration’s lawless abuse of our confidential, sensitive personal data. Congress should hold hearings, undertake investigations, and demand that sensitive data not be harvested or abuses. It should also restore the Consumer Financial Protection Bureau (CFPB) to its original funding levels as set forth in the Dodd-Frank Act.
- Support the current Personal Financial Data Rights rule issued in October 2024, urge the CFPB to retain its important consumer protections, and conduct a hearing on open banking and consumer-authorized data sharing under Section 1033 of the Dodd-Frank Act.
- Adopt reforms to rein in the abuses of the Big Three credit bureaus, similar to the Comprehensive CREDIT Act passed by the House of Representatives in January 2020, and authorize the creation of a public credit registry, so that consumers have an alternative to the oligopoly of the Big Three credit bureaus.
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