The U.S. House Financial Services Committee held a hearing on consumer financial data privacy to review the patchwork of federal and state legal frameworks and examine potential reforms to the Gramm-Leach-Bliley Act (GLBA). In prepared remarks, Chairman French Hill emphasised retaining the GLBA’s technology-neutral framework while considering targeted additions to give consumers greater control over their data without disrupting the smooth provision of financial services. He pointed to possible measures including access rights, deletion rights and data minimization standards, alongside objectives to provide greater clarity on obligations for financial institutions, promote competition and increase consumer choice. Hill also highlighted coordination with the House Energy and Commerce Committee on federal consumer data policies and argued that, after 26 years of state-level experimentation, nationwide uniformity is needed to reduce barriers created by divergent state requirements, while cautioning against unintended consequences such as deletion requests affecting consumers’ receipt of services.
U.S. Financial Services Committee 2026-03-17
U.S. House Financial Services Committee holds hearing on Gramm-Leach-Bliley Act privacy reforms and a federal data standard
The U.S. House Financial Services Committee reviewed consumer financial data privacy, focusing on potential reforms to the Gramm-Leach-Bliley Act (GLBA). Chairman French Hill advocated for maintaining the GLBA’s technology-neutral framework while enhancing consumer data control through access rights, deletion rights, and data minimization standards. Hill emphasized the need for nationwide uniformity to reduce barriers from divergent state requirements and highlighted coordination with the House Energy and Commerce Committee.