CBA Letter to House Financial Services Committee Ahead of “Data Privacy Act" Markup

Dear Chairman McHenry and Ranking Member Waters:

The Consumer Bankers Association (CBA) submits this letter for the committee’s February 28, 2023 markup of bills. We appreciate the committee’s continued attention to consumer data privacy and the need for consistent privacy protections. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country’s total depository assets.

CBA supports the creation of a national preemption that is a central component of the Data Privacy Act which would provide consistency across all states. In addition, we urge Members to oppose any attempts to add a private right of action to the bill which would negate the benefits of a federal preemption. A private right of action would result in multiple judicial rulings in states across the country, causing a complex and costly compliance construct for covered institutions.

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