ICBA urged Congress to require all entities that are responsible for handling personal consumer information to be held to the same standards as financial institutions.
ICBA to Congress: Extend Safeguards on Personal Info to All Entities
May 09, 2019 / By ICBA
ICBA urged Congress to require all entities that are responsible for handling personal consumer information to be held to the same standards as financial institutions.
ICBA urged Congress to require all entities that are responsible for handling personal consumer information to be held to the same standards as financial institutions.
In a statement for today’s Senate Banking Committee hearing on data collection and privacy, ICBA advocated extending privacy standards like those mandated under the Gramm-Leach-Bliley Act. The safeguards should apply to third-party contractors, credit bureaus such as Equifax, retailers and other non-bank entities, and federal regulators themselves, ICBA said.
ICBA’s statement also calls for non-bank entities that access customer account information to be held responsible for ensuring the security of the customer information they are accessing and liable for any data breach and consumer harm they cause. It also continues ICBA’s support for a single national breach notification standard to replace the current patchwork of state laws.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
