Senate Banking Committee Seeks Feedback on Data Privacy, Protection and Collection

The feedback will inform potential legislation in the 116th Congress. ACA International will submit a response to the committee including contributions from members.

2/13/2019 4:00 PM

GovernmentNewsAdvocacy
Senate Banking Committee Seeks Feedback on Data Privacy, Protection and Collection

Senate Banking Committee leaders are seeking stakeholders’ feedback on potential legislation on data privacy, protection and collection.

U.S. Sen. Mike Crapo, R-Idaho, chairman of the Senate Banking Committee, and U.S. Sen. Sherrod Brown, D-Ohio, ranking member are leading the effort to collect feedback on the collection, use and protection of sensitive information by financial regulators and companies, according to a news release. The committee would like to receive responses to any of the questions listed below to inform potential legislation in the 116th Congress.

1. What could be done through legislation, regulation, or by implementing best practices that would give consumers more control over and enhance the protection of consumer financial data, and ensure that consumers are notified of breaches in a timely and consistent manner?

2. What could be done through legislation, regulation, or by implementing best practices to ensure that financial regulators and private financial companies (including third-parties that share information with financial regulators and private financial companies) provide adequate disclosure to citizens and consumers about the information that is being collected about them and for what purposes? 

3. What could be done through legislation, regulation, or by implementing best practices to give citizens and consumers control over how financial regulators and private financial companies (including third-parties that share information with financial regulators and private financial companies) use consumer data? 

4. What could be done through legislation, regulation, or by implementing best practices by credit bureaus to protect consumer data and to make sure that information contained in a credit file is accurate? 

5. What could be done through legislation, regulation, or by implementing best practices so a consumer can easily identify and exercise control of data that is being (a) collected and shared by data brokers and other firms and (b) used as a factor in establishing a consumer’s eligibility for credit, insurance, employment, or other purposes. 

Crapo and Brown will receive responses by Friday, March 15. The responses should be submitted electronically to committee staff at submissions@banking.senate.gov and will be made public on the Senate Banking Committee’s website.

ACA International will be submitting a response and members are invited to share their feedback with Leah Dempsey, vice president and senior counsel of federal advocacy at dempsey@acainternational.org.

Related Content from ACA International:

From the Web: Priorities for Data Privacy and Security in the 116th Congress

Senate Banking Committee Agenda Focuses on Economic Growth; Regulatory Compliance

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