WilmerHale’s Kirk Nahra and Ali Jessani authored the article, “New Legislation to Expand Privacy Obligations of Financial Institutions Introduced in Congress” in The Banking Law Journal. The article examines the provisions of a bill introduced into the House of Representatives that would amend the Gramm-Leach-Bliley Act.
Excerpt: The chair of the House Financial Services Committee, Patrick McHenry (NC-10), has introduced the Data Privacy Act of 2023 (the Bill), which would amend the Gramm-Leach-Bliley Act to “modernize[] financial data privacy laws and give consumers more control over how their personal information is collected and used[.]” This is an update to a Discussion Draft of the Bill that Representative McHenry released in June 2022.
