Safeguarding Non-bank Consumer Information Act

Bill: 117-hr-3910
Sponsor: full_name: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2021-06-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-06-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-06-15
action_desc: Introduced in House
text: <p><strong>Safeguarding Non-bank Consumer Information Act</strong></p> <p>This bill directs the Consumer Financial Protection Bureau to establish administrative, technical, and physical safeguard standards applicable to a consumer data aggregator (a person who collects, maintains, utilizes, or distributes individual or aggregate nonpublic personal information). The bill also gives the bureau enforcement authority regarding violations of this bill.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3910 IN THE HOUSE OF REPRESENTATIVES June 15, 2021 Mr. Lynch introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Gramm-Leach-Bliley Act to give the Bureau of Consumer Financial Protection rulemaking and enforcement authority over the safeguards rule with respect to data aggregators and other financial institutions, and for other purposes.

1. Short title This Act may be cited as the Safeguarding Non-bank Consumer Information Act . 2. Application of safeguards rule to data aggregators (a) Application of safeguards rule Section 501 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 ) is amended— (1) in the matter preceding paragraph (1), by inserting and except as provided in subsection (c) after subsection (a) ; (2) in subsection (b), by striking , other than the Bureau of Consumer Financial Protection, ; and (3) by adding at the end the following new subsection: (c) Data aggregators The Bureau of Consumer Financial Protection shall establish, by rule, appropriate standards for data aggregators relating to administrative, technical, and physical safeguards to protect records and information as described in paragraphs (1) through (3) of subsection (b). . (b) Authority of the Bureau Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 et seq. ) is amended— (1) in section 504(a)(1)(A), by striking , except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under section 501 ; (2) in section 505— (A) in subsection (a)(8), by striking , but not with respect to the standards under section 501 and inserting , including data aggregators ; (B) in subsection (b)(1), by striking , other than the Bureau of Consumer Financial Protection, ; and (C) in subsection (b)(2), by striking and (7) and inserting (7), and (8) ; and (3) in section 508(a), by striking and the Federal Trade Commission and inserting , the Federal Trade Commission, and the Bureau of Consumer Financial Protection . (c) Definition Section 509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 ) is amended— (1) in paragraph (3)(A), by inserting before the period at the end , and includes a data aggregator ; and (2) by adding at the end the following new paragraph: (12) Data aggregator The term data aggregator means a person that collects, maintains, utilizes, distributes, or gives access to individual or aggregate nonpublic personal information to another financial institution. .