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.
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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.
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.
The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered testimony on the creation of a U.S. central bank digital currency.
Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.