Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act

This bill changes the federal privacy rules for banks and other financial companies under the Gramm-Leach-Bliley Act. It requires financial institutions to limit the personal information they collect or share to what is reasonably necessary, lets consumers opt out of sharing at any time, and requires consumer consent before collecting or sharing sensitive information such as race, religion, health diagnosis, immigration status, biometric data, or precise location. Former customers could ask a financial institution to delete their personal information, and customers could request a copy of their data and a list of who it was shared with. The bill sets rules for data aggregators that use consumers' login credentials, expands what privacy notices must say, and makes federal law override state laws on financial data privacy and security.

Full text and official record on Congress.gov

Sponsors

• Bill Huizenga Republican sponsor
• 6 cosponsors