US House Weighs National Framework for Financial Data Sharing and Privacy Oversight

US financial privacy rules center on Title V of the 1999 Gramm-Leach-Bliley Act (GLBA), which requires financial institutions to protect nonpublic personal information such as transaction records, account balances and payment activity. As FinTech companies and data aggregators play a growing role in data flows, whether nonbank firms should bear the same obligations has become central to establishing a uniform national standard and resolving conflicts among state laws.

The US House Financial Services Committee held a hearing on March 17, 2026, where five witnesses discussed amendments to the GLBA. On March 27, America's Credit Unions sent a letter supporting the draft bill but called for federal standards to preempt state laws, flexibility in data-retention practices and lower compliance costs for smaller institutions. The draft would bring FinTech companies, data aggregators and crypto firms under the framework and does not propose a monetary threshold.