Washington, D.C. — Bank Policy Institute Head of Government Affairs Ed Hill issued the following statement on a draft privacy bill released today by House Financial Services Committee Ranking Member Patrick McHenry (R-NC).
The Bank Policy Institute welcomes draft legislation released today by House Financial Services Committee Ranking Member Patrick McHenry (R-NC) to update the federal privacy requirements for our nation’s financial institutions. The draft bill seeks to build on the Gramm-Leach-Bliley Act, which provides a robust federal framework for protection of consumers’ data. Financial services is one of the rare industries already covered by federal privacy laws. Given Congressional interest in companies’ use of consumer data, any proposals to change the foundational framework should ensure all financial firms—both banks and nonbanks—have a clear blueprint for safeguarding consumers’ privacy. While we are still reviewing the draft in detail, we appreciate the Congressman’s thoughtful proposal to enhance the protection of customers’ data.
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About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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