Letter highlights need for updated protections and a clear federal standard for consumer financial data privacy

Washington, D.C. (March 18, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a letter to the House Financial Services Committee expressing support for a discussion draft to make improvements to Title V of the Gramm-Leach-Bliley Act (GLBA). The letter commends the Committee’s efforts to modernize GLBA and establish a clear, uniform standard for responsible collection, use, and protection of consumer financial data.

“GLBA has long served as the foundation for financial data privacy, but the rise of digital, data-driven financial services has reshaped how consumers access and manage their finances,” said Phil Goldfeder, CEO of the American Fintech Council. “Modernizing the law is essential to ensuring consumer protections keep pace with technological innovation while preserving the responsible partnerships and data practices that help expand access to financial services.”

In its letter, AFC emphasizes the importance of establishing a consistent federal standard for consumer financial data privacy. In the absence of federal action, a growing number of state-level data privacy laws have created a fragmented regulatory environment that has complicated responsible data practices for financial institutions operating nationwide.

Additionally, the letter highlights the discussion draft’s efforts to modernize GLBA’s consumer protections by establishing clearer standards for how consumer financial data is collected, used, and safeguarded. The proposal would introduce a data-minimization standard, enhance transparency around data use and retention, strengthen consumer opt-out rights, and provide consumers with greater access to and control over their personal financial information while maintaining a workable framework for responsible financial institutions.

“A clear federal framework for financial data privacy that fits the 21st century financial services ecosystem benefits both consumers and the financial services ecosystem,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Thoughtful updates to GLBA can provide greater transparency and stronger safeguards for consumers while ensuring financial institutions have the clarity needed to responsibly manage and protect customer data. We look forward to continued engagement with the Committee as the legislation moves forward and to helping refine the bill to ensure it provides a clear, workable framework for modern financial services.”

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

‍