ICBA told Congress that all entities that handle personal information should be required to safeguard personal information similar to how it is protected at financial institutions.
In a letter to the heads of the Senate Banking Committee, ICBA said privacy standards like those mandated under the Gramm-Leach-Bliley Act should apply to third-party contractors, credit bureaus such as Equifax, retailers and other non-bank entities, and federal regulators themselves.
To most effectively secure customer data and thereby protect consumer privacy, all entities that store or process sensitive personal information or have access to customer financial information should be subject to these standards, ICBA wrote.
Read ICBA Letter
Read ICBA Release