Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act
Rep. Huizenga Introduces GUARD Financial Data Act to Give Consumers More Control Over Bank Info
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Financial Services for review. It is considered active, but no further meetings or votes have been scheduled yet. There is no companion bill listed at this time.
Legislative Progress
While privacy protections are popular, the bill's plan to override stronger state laws will likely face heavy opposition from some lawmakers and consumer groups.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small financial institutions (those with $15 billion or less in assets) get special consideration under the bill. Regulators must account for their limited resources, staffing, and technical capacity when writing new rules. However, the core compliance requirements still apply, meaning small banks and credit unions will need to build new systems for data deletion requests, opt-in consent, and AI disclosures.
“Each of the agencies authorized under subsection (a)(1) to prescribe regulations shall take into account the effects of the regulations on financial institutions with $15,000,000,000 or less in assets, including the resource, technical, and personnel limitations of such financial institutions”
Disabilities
Activities
State Impacts
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
3 articlesPRIVACY—With two bills, House Republicans offer 'unified' national data privacy framework
The GUARD Financial Data Act would modernize the Gramm-Leach-Bliley Act by requiring financial institutions to minimize data collection and granting consumers the right to access and delete their data. It establishes a national standard intended to preempt the growing patchwork of state laws.
US Republicans introduce latest comprehensive privacy legislation
The GUARD Act aims to modernize financial privacy by minimizing data collection and requiring affirmative opt-in consent for sensitive personal information. While supporters cite the need for a uniform federal standard, critics argue the bill contains loopholes that could weaken protections.
House Republicans unveil data privacy bills
The GUARD Financial Data Act would update the 1999 Gramm-Leach-Bliley Act to account for advances in technology. It allows customers and former customers to request data deletion and requires opt-in consent for sensitive info, while creating a single federal standard for banks to follow.
Source Information
Document Type
Congressional Bill
Official Title
Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.