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

TL;DR (AI)

• The bill establishes data minimization requirements for financial institutions, limiting the collection or disclosure of nonpublic personal information to what is adequate, relevant, and reasonably necessary for specified purposes.
• Financial institutions must provide consumers with an ongoing opportunity to exercise their opt-out right after initial disclosure and explain the opt-out process in an accessible manner.
• The bill limits the use of consumer access credentials by financial data aggregators and nonaffiliated third parties, requiring clear and conspicuous disclosure to consumers and an opportunity to opt out.
• Financial institutions are required to provide customers with a copy of their privacy and disclosure policies upon request, and must establish procedures for customers to request disclosure or deletion of nonpublic personal information.
• The bill adds opt-in requirements for sensitive nonpublic personal information, requiring financial institutions to disclose and obtain consumer consent before collecting or disclosing such information.