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USA: Discussion draft for federal financial data privacy bill released by U.S. Representative

A U.S. Representative in the House Financial Services Committee released, on 23 June 2022, a discussion draft for a federal financial data privacy bill which, if passed, would amend the Gramm-Leach-Bliley Act of 1999 ('GLBA'). In particular, the purpose of the draft is to:

  • modernise the GLBA following a technology-agnostic approach;
  • ensure that consumers have control over how their personal information is used, and to empower them to terminate collection of their data, and/or request its deletion at any time;
  • oblige covered entities to disclose to consumers why they are collecting certain data, and also to only use that data for its stated purpose;
  • oblige covered entities to provide consumers with an opportunity to opt out of the data collection if it is not necessary to provide the service offered by the same entity;
  • require that privacy terms and conditions be transparent and easily understandable by the consumers; and
  • achieve consistency across the country in relation to how downstream entities collect and use consumers' personal information.

You can read the press release here and the draft here.