United States of America: Published discussion draft of law regarding financial consumer privacy

On 23 June 2022, the Financial Services Committee of the United States House of Representatives released a draft Bill that aims to amend the Gramm Leach Biley Act to include data protection measures for consumers. Firstly, the Bill introduces data collection and processing limitations, requiring financial institutions to obtain consent from customers to collect and store their data. Secondly, it would give consumers the right to opt out of nonpublic data collection and request the deletion of the data stored by financial institutions. Finally, the requirements outlined in the Bill would supersede the states' laws on data collection, data breach notifications, and international transfers of nonpublic personal data.