Request for Information on Data Privacy, Protection and Collection
Summary
SIFMA supports the Committee’s efforts to assess consumer financial data privacy, protection, and collection and appreciates the opportunity to submit comments in response to your public request.
SIFMA members remain strongly committed to consumer financial data privacy and security. Privacy protections have long been an important part of our members’ operations and governance structures due to the comprehensive federal, state, and international standards applicable to our members. These protections are critical for customers of financial institutions and the financial services industry generally.
Excerpt
Via email to [email protected]
The Honorable Mike Crapo Chairman,
Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, DC 20515
The Honorable Sherrod Brown Ranking Member,
Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, DC 20515
Re: Response to Request for Information on Data Privacy, Protection and Collection
Dear Chairman Crapo and Ranking Member Brown,
The Securities Industry and Financial Markets Association (“SIFMA”)1 supports the Committee’s efforts to assess consumer financial data privacy, protection, and collection and appreciates the opportunity to submit comments in response to your public request.2 SIFMA members remain strongly committed to consumer financial data privacy and security. Privacy protections have long been an important part of our members’ operations and governance structures due to the comprehensive federal, state, and international standards applicable to our members. These protections are critical for customers of financial institutions and the financial services industry generally.
While financial institutions have followed data protection, data privacy, and data breach notification regimes for over a decade, enhancing consumer data privacy has come to the forefront as a key issue for policymakers, businesses, and consumers due to more widespread use of data in the digital economy.