Data Privacy Act of 2023
The source supplies the latest action, but no lifecycle stage.
Latest action (5 Dec 2024): Placed on the Union Calendar, Calendar No. 673.
What this bill does
The Data Privacy Act of 2023, H.R. 1165, would update privacy and security rules for financial institutions regarding personal information. It aims to expand existing protections to cover more individuals, including those with limited relationships with financial institutions, and establish nationwide data privacy standards.
Under the bill, financial institutions would be required to inform individuals about the purposes for which their data is collected and how it will be used. Individuals would also gain the right to opt out of certain data collections and to end the sharing of their information with third parties, as well as to request the deletion of their data. The bill also includes provisions that would prevent states from establishing different privacy protections than those set at the federal level.
This bill was introduced on February 24, 2023, and has since been ordered reported with amendments by the House Committee on Financial Services. The next step would typically involve the bill being considered by the full House of Representatives.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
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
5 Dec 2024
Placed on the Union Calendar, Calendar No. 673.
Common questions
- What does H.R. 1165 do?
- The Data Privacy Act of 2023, H.R. 1165, would update privacy and security rules for financial institutions regarding personal information. It aims to expand existing protections to cover more individuals, including those with limited relationships with financial institutions, and establish nationwide data privacy standards. Under the bill, financial institutions would be required to inform individuals about the purposes for which their data is collected and how it will be used. Individuals would also gain the right to opt out of certain data collections and to end the sharing of their information with third parties, as well as to request the deletion of their data. The bill also includes provisions that would prevent states from establishing different privacy protections than those set at the federal level. This bill was introduced on February 24, 2023, and has since been ordered reported with amendments by the House Committee on Financial Services. The next step would typically involve the bill being considered by the full House of Representatives.
- Has H.R. 1165 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 1165. Check the latest action and official source below.
- Who sponsored H.R. 1165?
- H.R. 1165 was sponsored by Rep. McHenry, Patrick T. [R-NC-10] (R-NC), with 0 cosponsors.
- What's the latest action on H.R. 1165?
- Placed on the Union Calendar, Calendar No. 673. (5 Dec 2024).
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