Data Privacy Act of 2023
Latest action (28 Feb 2023): Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 21.
What this bill does
Generate a neutral, plain-English explanation of what this bill does, who it affects and what happens next — grounded in the official text.
Official summary
Data Privacy Act of 2023
This bill addresses the privacy and security of personal information held by financial institutions. The bill expands the application of current protections, it provides individuals with controls for limiting the collection of their information, and it establishes data privacy standards nationwide.
Currently, financial institutions must protect personal information and provide notice about privacy practices. The bill expands personal information protections that currently apply to customers (individuals who have a continuing relationship with a financial institution) to consumers (individuals who have a more limited relationship with a financial institution, such as those who apply for but do not receive a loan). The bill also expands notice requirements to apply to the collection of individual data.
Under the bill, financial institutions must (1) inform individuals for what purpose their data is collected and how the data will be used, and (2) give individuals the opportunity to opt out of data collection. An individual may also end the sharing of the individual's data with third parties, as well as demand the deletion of the individual's data.
The bill also prohibits states from establishing different privacy protections than those at the federal level. Under current law, states are allowed to establish stricter privacy protections.
Timeline
28 Feb 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 21.
Common questions
- What does H.R. 1165 do?
- Data Privacy Act of 2023 This bill addresses the privacy and security of personal information held by financial institutions. The bill expands the application of current protections, it provides individuals with controls for limiting the collection of their information, and it establishes data privacy standards nationwide. Currently, financial institutions must protect personal information and provide notice about privacy practices. The bill expands personal information protections that currently apply to customers (individuals who have a continuing relationship with a financial institution) to consumers (individuals who have a more limited relationship with a financial institution, such as those who apply for but do not receive a loan). The bill also expands notice requirements to apply to the collection of individual data. Under the bill, financial institutions must (1) inform individuals for what purpose their data is collected and how the data will be used, and (2) give individuals the opportunity to opt out of data collection. An individual may also end the sharing of the individual's data with third parties, as well as demand the deletion of the individual's data. The bill also prohibits states from establishing different privacy protections than those at the federal level. Under current law, states are allowed to establish stricter privacy protections.
- Has H.R. 1165 become law?
- Not yet. As of 28 Feb 2023, H.R. 1165 is ordered reported.
- Who sponsored H.R. 1165?
- H.R. 1165 was sponsored by Rep. Patrick McHenry [R-NC10, 2005-2024] (Republican-NC), with 0 cosponsors.
- What's the latest action on H.R. 1165?
- Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 21. (28 Feb 2023).
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