Congress Debates Modernizing Financial Data Privacy Law

Congress is considering an overhaul of the 1999 Gramm-Leach-Bliley Act to update financial privacy regulations for the data-driven era. Proposed legislation, the GUARD Financial Data Act, aims to establish a uniform national standard for financial data privacy and security, potentially preempting state requirements. It would also expand disclosures, require affirmative consent for sensitive data, and grant consumers more control over their information.