The U.S. House Committee on Financial Services and the House Committee on Energy and Commerce announced a joint effort to advance two aligned data privacy bills, the GUARD Financial Data Act and the SECURE Data Act, aimed at giving consumers more control over personal data and establishing a uniform national framework. For financial services, the GUARD Financial Data Act would modernize the Gramm-Leach-Bliley Act by setting Title V as the uniform national standard for consumer data privacy and security protections in the sector, with data-level and entity-level preemption. The bill would limit data collection and disclosure to what is adequate, relevant and reasonably necessary; expand consumer information about data use and rights; preserve opt-out rights for certain disclosures and allow revocation of consent for collection or disclosure of sensitive data within existing exceptions; and require affirmative opt-in consent before collecting or disclosing sensitive personal information such as race, ethnicity, religion, health information, biometric data and precise geolocation. It would also provide current and former customers with rights to access and obtain a copy of data in a transferable format, allow former customers to request deletion subject to exceptions, require notice and an opt-out before data aggregators or third parties use login credentials to access accounts, and maintain enforcement by the Consumer Financial Protection Bureau, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Reserve, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Securities and Exchange Commission and state insurance regulators within their respective jurisdictions. Committee leaders indicated the measures will be advanced through the legislative process, with further work to build support, but did not set out a timetable.
U.S. Financial Services Committee 2026-04-22
U.S. House Committee on Financial Services and House Committee on Energy and Commerce launch joint push to advance GUARD Financial Data Act and SECURE Data Act
The U.S. House Financial Services and Energy and Commerce Committees are advancing two aligned data privacy bills, the GUARD Financial Data Act and the SECURE Data Act, to enhance consumer control over personal data and create a uniform national framework. The GUARD Act would modernize the Gramm-Leach-Bliley Act by making Title V the national standard for financial data privacy and security, tightening limits on data collection and disclosure, expanding rights to access, portability and deletion, and requiring opt-in consent for sensitive data, enforced by existing federal financial regulators, the Federal Trade Commission and state insurance regulators.