Bill Proposed in Congress to Expand Privacy Obligations of Financial Institutions

Bill Proposed in Congress to Expand Privacy Obligations of Financial Institutions

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Excerpt: Congressman Patrick McHenry (NC-10), has released a discussion draft (“Discussion Draft”) of new legislation set to amend the Gramm-Leach-Bliley Act (“GLBA”) with the intent to “modernize GLBA to better align with our
evolving technological landscape.” The Discussion Draft was released a few days after the House Subcommittee on Consumer Protection and Commerce heard testimony from consumer advocates and industry representatives on the
recently proposed bipartisan American Data Privacy and Protection Act (“the
ADPPA”).

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