The Bank Privacy Reform Act aims to enhance consumer data privacy by imposing stricter regulations on how banks handle and share customer information. The bill includes provisions that require explicit opt-in consent from customers before their data can be shared with third parties, limits the sharing of sensitive financial information, and increases transparency regarding data practices. This legislation seeks to bolster individuals' control over their personal financial data and ensure greater protection against unauthorized use or disclosure. If passed, the bill would significantly impact how banks manage customer information and strengthen privacy rights for consumers in the banking sector.
2023-02-27: Introduced in House
2023-02-27: Referred to the House Committee on Financial Services.
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