The Defense Credit Union Council (DCUC) has sent a letter to House Financial Services Committee leaders Rep. French Hill and Rep. Andy Barr urging updates to the Gramm-Leach-Bliley Act (GLBA) to reflect today’s digital financial landscape.
DCUC commended the committee and subcommittee for thoughtful examination of Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA) and called for modernization—not replacement—of GLBA to ensure uniform protections across the financial services sector, particularly given the rise of fintech and data aggregators. DCUC’s President/CEO Anthony Hernandez expressed support for a single, preemptive federal privacy standard, warning that a patchwork of state laws creates compliance burdens and confusion for consumers.
“Our members are committed to safeguarding the financial well-being and sensitive data of the Americans who serve our nation,” says Hernandez. “Updating GLBA to cover today’s marketplace, while ensuring consistency and accountability for all providers, is the best way to protect consumers and strengthen our financial system.”
DCUC’s letter provides specific recommendations, including clarifying definitions within GLBA, ensuring fintechs and data aggregators face the same standards as credit unions, supporting shared accountability with third parties, and encouraging reasonable data collection and retention practices.