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Financial services

Request for Public Feedback on Federal Consumer Financial Data Privacy Law Reform

Strategic Insights

— 1 min read

The U.S. House of Representatives Committee on Financial Services has issued a request for public feedback on current federal consumer financial data privacy law, specifically the Gramm-Leach-Bliley Act (GLBA), and potential legislative proposals to address changes in the consumer financial services sector. The public is invited to submit comments and answers to a series of questions by August 28, 2025, to inform the reform efforts. This request comes as the committee considers amendments to GLBA or a broader approach to address concerns around data privacy and security.

Key Takeaways:

  • The request for public feedback is focused on current federal consumer financial data privacy law, specifically Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA).
  • The committee is seeking input on potential amendments to GLBA or a broader approach to address changes in the consumer financial services sector.
  • Key areas of focus include the definition of "non-public personal information," the scope of financial institutions subject to GLBA requirements, and the relationship between GLBA and other federal consumer data privacy laws.
  • The committee is also seeking feedback on whether to require consent to collect certain types of data, mandate the deletion of data for inactive accounts, and provide consumers with a list of entities receiving their data.
  • Experts are encouraged to weigh in on the effectiveness of state-level privacy frameworks and potential adaptations for federal implementation.

Statistics:

  • August 28, 2025, is the deadline for submitting comments and answers to the questions posed in the request for public feedback.
  • The House Committee on Financial Services is seeking input from the public on potential reforms to the Gramm-Leach-Bliley Act (GLBA).
  • The committee is considering 13 specific questions related to GLBA and federal consumer data privacy law reform.

Sources:

  • The U.S. House of Representatives Committee on Financial Services: Request for Public Feedback on Current Federal Consumer Financial Data Privacy Law and Potential Legislative Proposals to Account for Changes in the Consumer Financial Services Sector.

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