The Congressional Research Service reviewed a CFPB-proposed rule to improve consumers' rights to access and transfer their financial information.
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House Financial Services Committee Chair Patrick McHenry (R-NC) introduced the Data Privacy Act of 2023. The bill would amend the Gramm-Leach-Bliley Act to give consumers more control over how financial institutions utilize their personal data.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
GAO reviewed the collection and protection of personally identifiable information by five federal banking regulators.
The U.S. House Committee on Financial Services Task Force on Financial Technology considered testimony on developments in data sharing and FinTech which raise consumer protection and regulatory questions.