Framework for the Future: Reviewing Data Privacy in Today’s Financial System (EventID=118324)

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Connect with the House Financial Services Committee » Get the latest news: https://democrats-financialservices.house.gov/ » Follow us on Facebook: https://www.facebook.com/USHouseFSC » Follow us on Twitter: https://x.com/USHouseFSC » Follow us on Instagram: https://www.instagram.com/ushousefsc/ » Follow us on Bluesky: https://bsky.app/profile/ushousefsc.bsky.social ___________________________________ » Subscribe: https://www.youtube.com/@USHouseFSC?sub_confirmation=1 ___________________________________ On Thursday, June 5, 2025, at 10:00 a.m. (ET) Subcommittee on Financial Institutions Chair Congressman Barr and Subcommittee Ranking Member Congressman Foster will host a field hearing entitled, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System." ___________________________________ Witnesses for this one-panel hearing will be: • Mr. Scott Talbott, Executive Vice President, Electronic Transactions Association • Mr. Andrew Morris, Director of Innovation and Technology, America’s Credit Unions (ACU) • Ms. Rebecca Kuehn, Partner, Hudson Cook • Ms. Jennifer Huddleston, Fellow in Technology Policy, Cato Institute • Ms. Zoë Strickland, Senior Fellow, Future of Privacy Forum (FPF) ___________________________________ This hearing will explore the evolving landscape of consumer data privacy laws across both Federal and state jurisdictions, and examine consumer financial data privacy law under the Gramm-Leach-Bliley Act (GLBA). Enacted in 1999, the GLBA aims to protect the privacy of consumer financial information by requiring financial institutions to provide privacy notices, implement safeguards for customer data, and offer consumers the ability to opt-out of certain types of information sharing with non-affiliated third parties. Legislation Noticed: 1. H.R. ____, the Advancing the Mentor Protege Program for Small Financial Institutions Act (Beatty): The bill directs the Department of the Treasury to establish a mentor-protégé program pairing large financial institutions with small, rural, and minority depository institutions, with the goal of enhancing their capacity to serve customers and potentially act as financial agents. 2. H.R. ____, the Systemic Risk Authority Transparency Act (Green): The bill requires the Government Accountability Office and appropriate Federal banking regulators to issue reports within specified timeframes when the Federal Deposit Insurance Corporation invokes the systemic risk exception, detailing causes of bank failures, regulatory actions, and any management or supervisory shortcomings. ___________________________________ #dataprivacy #framework #financialservices #bank #treasury #GrammLeachBlileyAct #consumerdata ___________________________________ Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=413440