American Financial Services Association - Privacy Legislation on Pause
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American Financial Services Association

Privacy Legislation on Pause

Articles by: gmcgurn@afsamail.org

In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodger (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works best for businesses and consumers alike. AFSA is highly supportive of legislation that creates a federal standard of consumer privacy protection. However, such legislation should ensure that financial institutions that already comply with strong data privacy and security requirements under the GLBA have a clear exemption. This will avoid inconsistent requirements and ensure that there is no interruption in data privacy for consumers. It must also have an enforcement system that works with appropriate state or federal regulators and prevents the possibility of improper interpretations of the law. We urged the Committee to address these concerns before moving forward with this legislation.

AFSA also joined other organizations in expressing concerns with the American Privacy Rights Act (APRA) as drafted in two more letters. Both joint trades letters highlight the importance of including full preemption in any national privacy framework. Full preemption is essential for protecting Americans’ data privacy and providing an environment for American businesses to continue innovating and creating jobs. Since 2018, the rapidly growing landscape of state-level privacy laws has created a fragmented patchwork of rules and regulations. 

Resources that would normally go toward creating jobs, protecting consumers, and improving products and services are instead being spent on navigating these compliance challenges. According to a study by the Information Technology and Innovation Foundation, failing to pass a comprehensive and preemptive federal data privacy law will cost our economy more than $1 trillion over ten years, with $200 billion being paid by small businesses.

Privacy Legislation on Pause
Jun 27, 2024

In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodger (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works … Read the rest

A Win for Colorado Consumers
Jun 25, 2024

In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association, the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a … Read the rest

News From Our Members | From Paper Trails to Digital Transformation: DataCision Moves Your Vision Forward
Jun 24, 2024

Meta/SEO Description: If digitalization is part of your long-term vision, look no further than to DataCision to propel your dealer commercial lending business forward.

From Paper Trails to Digital Transformation: DataCision Moves Your… Read the rest

AFSA Concerns for NJ’s Bill Regarding Debt Adjusters
Jun 21, 2024

AFSA’s State Government Affairs team submitted a comment letter to the New Jersey Senate regarding S1310, which would permit specific for-profit debt adjusters to be licensed for conducting business in the state.

AFSA expresses … Read the rest

AFSA Supports APRA, But Not in Current Form
Jun 20, 2024

This week, AFSA joined other organizations in expressing concerns with the American Privacy Rights Act (APRA) as drafted. AFSA supports a national standard for data privacy, but the legislation in its current form would not best serve consumers.… Read the rest

Marking Juneteenth
Jun 19, 2024

“We shall overcome because the arc of the moral universe is long, but it bends toward justice.”  –Dr. Martin Luther King Jr. 

Juneteenth is a commemoration of the ideals of equality, justice, and freedom, which we strive to perfect for all. In… Read the rest

About the CFPB’s “Data Spotlight”
Jun 17, 2024

Today, the CFPB released a “Data Spotlight,” which focused on an analysis of negative equity data from a group of auto finance entities. As background, in February 2023 the Bureau announced a pilot data project and issued nine market monitoring… Read the rest

CFPB’s Semi-Annual Report to Congress
Jun 14, 2024

This week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee and the House Financial Services Committee for his semi-annual report to Congress.

In both, Director Chopra focused… Read the rest

This NPRM Needs a Second Opinion
Jun 11, 2024

The Consumer Financial Protection Bureau (CFPB) today announced a Notice of Proposed Rulemaking(NPRM) aimed at addressing the reporting of medical bills on credit reports. This initiative follows the CFPB’s September 2023 announcement… Read the rest

Featured Business Partner | Fortegra
Jun 04, 2024

The featured Business Partner for the month of June is Fortegra.

For more than 40 years, Fortegra and its subsidiaries have delivered risk management solutions that help people and businesses succeed in the face of uncertainty.

Our diverse

… Read the rest

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