
The House Financial Services Committee chairman, U.S. Rep. Patrick McHenry, has introduced a financial data privacy bill.
The North Carolina Republican introduced the Data Privacy Act of 2023 Friday (Feb. 24), saying it modernizes the relevant laws, gives consumers more control over their personal information and allows innovation, according to apress release.
“The financial services sector is already highly regulated when it comes to consumer data,” McHenry said in the release. “However, it’s critical that we bring our privacy guardrails into the 21st century to match the widespread adoption of financial technology.”
Read more: EU Parliamentary Committee Votes Against EU/US Data Privacy Directives
The bill would require consumers be provided with information about how their data is being collected and used, that they be able to stop the collection of it and that they be able to delete it, according to McHenry’s summary of the bill.
It would also require covered entities to tell consumers why they are collecting the data, use it only for that purpose and allow consumers to opt out, the summary said.
The bill would also require that terms and conditions be transparent, provide a national standard around data handling, and modernize the Gramm-Leach-Bliley Act to ensure that these consumers apply to future innovations and technologies, per the summary.
“I’m proud to introduce this legislation to secure Americans’ private financial data, without strangling innovation,” McHenry said in the release.
Featured News
UFC Reaches $375 Million Settlement in Antitrust Case
Feb 6, 2025 by
CPI
Brazilian Architecture Council Convicted of Antitrust Violations
Feb 6, 2025 by
CPI
Bipartisan Bill Seeks to Ban Chinese AI Software from US Government Devices
Feb 6, 2025 by
CPI
Senators Call for Investigation into RealPage Algorithm’s Impact on Military Housing Costs
Feb 6, 2025 by
CPI
ECB Seeks Faster Digital Euro Legislation Amid US Stablecoin Push
Feb 6, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon