Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act
Sponsored By: Representative Huizenga, Bill [R-MI-4]
Introduced
Summary
Stronger consumer privacy controls for financial data. This bill would broaden what counts as protected nonpublic personal information and give consumers clearer rights to access, opt out, opt in, and delete that data.
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 6 benefits, 0 costs, 1 mixed.
New model privacy form and safe harbor
If enacted, federal agencies would update the standard privacy disclosure form used by financial firms. When the agencies finalize updates, firms that continue using the pre‑enactment model form would be treated as compliant for two years. This gives firms time to change disclosures and creates a temporary safe harbor while new forms are adopted.
Federal privacy standard replaces states
If enacted, the bill would replace State privacy and security laws for covered nonpublic personal information with a single federal standard. State insurance authorities could still enforce and carry out the federal rules but could not impose rules that are more restrictive than the federal regulations. This would standardize protections nationwide but could limit states from adopting stricter privacy rules.
Stronger rules for private financial data
If enacted, the bill would expand what counts as private financial data. That includes account details, login credentials, some biometric data, and precise location in certain uses. It would require banks to limit data they collect to what is needed and to get clear consent before collecting or sharing "sensitive" data. The opt‑in for sensitive data would take effect one year after enactment and the data‑minimization duty would take effect two years after enactment.
Relief for small banks during rulemaking
If enacted, agencies would have to consider how new rules affect financial 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 specified GDP ratio. The change would aim to limit disproportionate burdens on smaller banks.
Clearer privacy notices and opt-out
If enacted, financial firms would have to provide richer privacy notices. Notices would say why data is collected, categories of retention, whether AI is used, and if data is processed in a covered foreign nation. The bill would also require that you can opt out before and anytime after the first disclosure, and that firms provide a copy of disclosures in writing or electronic form upon request.
Limits on using your login credentials
If enacted, aggregators and other nonaffiliated parties would have to give clear notice before collecting your account login, password, PIN, or similar credentials. They would have to explain how credentials are used and shared, warn about privacy and security risks, and let you tell them not to use your credentials. These limits would take effect one year after enactment.
Right to see and delete bank data
If enacted, customers and former customers would be able to request disclosure or deletion of nonpublic personal information. Firms would have to verify identity and reply within 45 days, with one 45‑day extension for complex requests. Former customers would get two free disclosure or deletion requests per year; extra requests could be charged only with notice and consent. Denials must include an appeal process answered within 60 days and a way to contact enforcement if the appeal is denied.
Sponsors & CoSponsors
Sponsor
Huizenga, Bill [R-MI-4]
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
Haridopolos
FL • R
Sponsored 5/12/2026
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 5/12/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov