Congress Considers Major Overhaul of Financial Privacy Law, Aiming for National Standard

U.S. lawmakers are actively working to modernize the Gramm-Leach-Bliley Act (GLBA) of 1999, with a proposed 'GUARD Financial Data Act' that would establish a uniform national standard for financial data privacy and security. This legislation aims to preempt certain state requirements and impose new mandates on financial institutions regarding data minimization, consent, access, and deletion of consumer data.