Legislation6 days ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR8398119th CongressWALLET
Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act
Sponsored By: Representative Huizenga
Introduced
Summary
Consumer control over nonpublic personal information. The GUARD Financial Data Act would tighten what financial firms can collect and share and give customers stronger notice, opt‑out, opt‑in, disclosure, and deletion rights.
Show full summary
- Families and consumers gain the right to request disclosures of their nonpublic personal information and to request deletion if they are former customers. Institutions must verify identity, respond in 45 days with one 45‑day extension, and former customers get two free requests per year.
- The bill creates an opt‑in rule for "sensitive" nonpublic information. Sensitive data includes race, religion, health, sexual orientation, citizenship status, genetic or biometric identifiers, and precise geolocation.
- Financial institutions would face a data minimization standard that limits collection and sharing to what is adequate, relevant, and reasonably necessary for each purpose. That rule is set to take effect two years after enactment and agencies must update model disclosure forms with a two‑year safe harbor for compliance.
- Financial data aggregators and other unaffiliated third parties must provide a pre‑collection notice and opt‑out before using consumers' access credentials and must meet Consumer Financial Protection Bureau Section 1033 standards. Firms cannot deny a disclosure request just because a consumer already received disclosures.
- Regulators must consider impacts on small institutions with $15.0 billion or less in assets and account for resource and technical limits; the threshold will adjust every five years based on GDP starting April 1, 2031.
- The subtitle would preempt state consumer privacy laws for covered nonpublic information while preserving state insurance authorities' ability to enforce the subtitle in a way consistent with federal law.
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Bill Overview
Analyzed Economic Effects
8 provisions identified: 7 benefits, 0 costs, 1 mixed.
Clear opt-in for sensitive data
If enacted, the bill would require banks and similar firms to get your clear consent before collecting or sharing sensitive financial data. Firms would have to tell you before the first collection or disclosure and explain how to revoke consent. You could revoke consent at any time. Some statutory exceptions would still apply.
Right to see and delete bank data
If enacted, customers and former customers would be able to request disclosure of nonpublic financial data and a list of categories of parties that received it. Former customers could request deletion, but banks could keep data in limited cases (for ongoing permitted uses, FCRA needs, disputes, or law). Banks would have to verify identity, answer deletion requests in 45 days (with one 45-day extension if they notify you), give two free deletion requests per year to former customers, and handle appeals within 60 days.
What personal data is covered
If enacted, the bill would expand what counts as nonpublic personal information. It would explicitly include access credentials (usernames, passwords, PINs), certain biometric data, and precise geolocation (within about 1,750 feet) in covered financial uses. It would also define ‘‘sensitive’’ data (race, religion, health, sexual orientation, immigration status, genetic/biometric identifiers, precise geolocation) and define financial data aggregators and ‘‘former customer.’'
Higher small-bank threshold for rules
If enacted, agencies would be required to consider the effects of regulations on institutions with $15 billion or less in assets. Starting April 1, 2031, and every five years after, the $15 billion threshold would be raised if U.S. GDP has grown, using a GDP ratio to adjust the threshold. This is meant to give smaller banks lighter regulatory consideration.
Federal rules override state privacy
If enacted, the bill would preempt state laws on consumer data privacy and security for the nonpublic information covered by this subtitle. It would preserve state insurance regulators' power to enforce the federal rules and to issue comparable regulations that are not more restrictive than federal rules.
Banks must limit data collection
If enacted, financial institutions would have to collect and share only the nonpublic personal information that is adequate, relevant, and reasonably necessary for each purpose. The rule would take effect two years after enactment. Exceptions would still allow disclosures required by law, credit reporting, CFPB access rules, and regulator needs.
Easier opt-outs and clearer notices
If enacted, the bill would let you opt out of certain data sharing at any time after the first disclosure. It would let firms give the opt-out explanation before first disclosure but require it to remain accessible later. Notices would also have to say why data is collected, how long it is kept, whether AI is used, and whether data crosses borders. Agencies would update a model form and give a two-year safe harbor after finalizing changes.
New rules for account access apps
If enacted, third-party data aggregators and apps would have to give a clear notice before they collect your account access credentials. The notice would say how credentials will be used, whether they will be shared, and the privacy and security risks. You would be able to tell them not to use your credentials. Covered institutions would still have to follow CFPB access rules where applicable.
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Sponsors & CoSponsors
Sponsor
Huizenga
MI • R
Cosponsors
Barr
KY • R
Sponsored 4/21/2026
Rep. Steil, Bryan [R-WI-1]
WI • R
Sponsored 4/21/2026
Rep. Hill, J. French [R-AR-2]
AR • R
Sponsored 4/21/2026
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 4/27/2026
Roll Call Votes
No roll call votes available for this bill.
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