Data Security, Housing Finance Reform on Senate Banking Agenda

Senate Banking Committee Chairman Mike Crapo (R-ID) Tuesday outlined the committee's agenda for the 116th Congress. Of note, the committee will focus on economic growth and data security, as well as targeted reforms on a variety of issues, including housing finance, capital formation and fintech innovation, among others.

Chairman Crapo said the committee will look to advance bipartisan legislation, and it will also advance presidentially-appointed nominees and ensure federal agencies implement a variety of laws recently passed by Congress. The full agenda is available here.

In a column published Monday, Crapo wrote that "Data privacy and data security legislation will remain a priority in the 116th Congress." He said he will pursue "legislative solutions that would give consumers more control over and enhance the protection of consumer financial data, and ensure consumers are notified of breaches in a timely and consistent manner."

CUNA and the state leagues have been pressing Congress to enact legislation that subjects any entity with access to personal financial data, such as retailers, to the same data security standards in place for financial institutions under the Gramm-Leach-Bliley Act.