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Omnibus Privacy Legislation

Omnibus Privacy Legislation

MBA is currently trying to secure an entity level GLBA exemption on behalf of the industry. MBA expects potential movement this session. Most of the privacy bills do not include the exemption provided to financial institutions under the federal Gramm-Leach-Bliley Act (GLBA), or a pared-down version of a GLBA covering only personal information. MBA continues to educate legislators that under the strict privacy and data security standards under the GLBA and other related provisions, members are already heavily regulated in this area and invest millions of dollars each year to ensure their customers’ data is protected.