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McHenry Statement on CFPB’s Final 1033 Rule
Republicans’ Data Privacy Act of 2023 would make consumer data protections permanent

Washington, Oct 22 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the CFPB’s final rule implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

“The CFPB’s final 1033 rule is a promising step forward to protect Americans’ financial data privacy,” said Chairman McHenry. “As Republicans have said for years, Americans should have greater control over their sensitive financial data. Consumers should know where their data is going, how it’s used, and be able to terminate collection of their data by certain firms. This rule is similar to Republicans’ Data Privacy Act. Director Chopra also listened to some of our concerns regarding unreasonable restrictions on the secondary use of consumer data. This is progress for American innovation and consumers, but we can’t stop here. Congress must build on the bipartisan consensus regarding financial data privacy. It’s critical that we make these protections permanent by passing Republicans’ Data Privacy Act of 2023.”

Background:

On June 23, 2022, then Ranking Member McHenry released a discussion draft of legislation to protect Americans’ financial data privacy by modernizing the Gramm-Leach-Bliley Act (GLBA).

On February 24, 2023, Chairman McHenry introduced H.R. 1165, the Data Privacy Act of 2023, which will put Americans back in control of their sensitive financial data—without stifling innovation—by bringing the framework under GLBA into the 21^st Century.

On February 28, 2023, the House Financial Services Committee passed Republicans’ H.R. 1165, the Data Privacy Act of 2023, to modernize financial data privacy law and give consumers more control over how their personal information is collected and used—without stifling innovation in the United States.

On December 13, 2023, Chairman McHenry submitted a comment letter regarding the CFPB’s proposed rule implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In the letter, Chairman McHenry highlighted the similarities between the CFPB’s proposal and Republicans’ Data Privacy Act of 2023, while urging the revision of key secondary data provisions that would stifle innovation and harm consumers.

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