WASHINGTON, D.C. – Yesterday, Representative Trey Hollingsworth (IN-09) hosted a bipartisan discussion on best practices for collection, use, and protection of consumer financial data under the Gramm-Leach-Bliley Act (GLBA) and Fair Credit Reporting Act (FCRA).
Other topics discussed were lessons learned from existing international laws and the impact of privacy efforts in state legislatures.
“Yesterday’s roundtable was an important step in finding the right regulatory privacy framework for consumers’ financial data,” said Rep. Trey Hollingsworth, Vice Ranking Member of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. “I appreciated the opportunity to hear from individuals from different spheres of the payments industry on how we approach a privacy framework in a rapidly evolving environment.”
Roundtable participants included Rep. David Scott (GA-13), Rep. Warren Davidson (OH-08), Rep. Ben McAdams (UT-04), Rep. French Hill (AR-02), the American Bankers Association, American Express, Bank Policy Institute, Capital One, Electronic Funds Transfer Association, Kabbage, and TSYS.
