GLBA Modernization Legislation: Key Implications for Financial Institutions’ Data Practices

The House Financial Services Committee recently advanced legislation to modernize the Gramm-Leach-Bliley Act (GLBA), reflecting a continued shift toward more prescriptive data governance obligations for financial institutions. The proposal, titled the GUARD Financial Data Act, is paired with the SECURE Data Act and is intended to establish a national framework for consumer data privacy while updating GLBA’s longstanding notice-and-opt-out regime.... By: Ballard Spahr LLP