skip to main content

H.R. 3910: Safeguarding Non-bank Consumer Information Act


The text of the bill below is as of Jun 15, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 3910

IN THE HOUSE OF REPRESENTATIVES

June 15, 2021

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.

.