Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act

The bill amends the Gramm-Leach-Bliley Act to strengthen consumer financial data protections by requiring data minimization, expanding consumer opt-out rights, limiting the use of consumer access credentials by third parties, and enhancing notice requirements. It applies to financial institutions, financial data aggregators, and nonaffiliated third parties that handle nonpublic personal information. Key changes include mandating that data collection be limited to what is necessary, ensuring consumers can opt out of data sharing at any time, and requiring clear disclosures before access credentials are used. The bill also includes provisions for small financial institutions and clarifies its…

No official summary is available here. This one was written by AI from the bill’s text.