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

The Guidelines for Use, Access, and Responsible Disclosure of Financial Data Act strengthens privacy protections for consumers by amending the Gramm-Leach-Bliley Act to require financial institutions to limit data collection to what is necessary, provide clearer privacy notices, and offer new rights for customers to access or delete their personal information. Key provisions include requiring explicit opt-in consent for sensitive data like biometric information, restricting how third parties can use consumer login credentials, and mandating that institutions disclose how they use artificial intelligence in processing financial data. The bill also establishes a right for former customers to request deletion of their data within 45 days and requires regulators to consider the impact of rules on smaller financial institutions with $15 billion or less in assets.