ICBA urged Congress to require all entities that are responsible for handling personal consumer information to be held to the same standards as financial institutions.
In a statement for today’s Senate Banking Committee hearing on data collection and privacy, ICBA advocated extending privacy standards like those mandated under the Gramm-Leach-Bliley Act. The safeguards should apply to third-party contractors, credit bureaus such as Equifax, retailers and other non-bank entities, and federal regulators themselves, ICBA said.
ICBA’s statement also calls for non-bank entities that access customer account information to be held responsible for ensuring the security of the customer information they are accessing and liable for any data breach and consumer harm they cause. It also continues ICBA’s support for a single national breach notification standard to replace the current patchwork of state laws.