Section 1 Short title
This Act may be cited as the “Safeguarding Non-bank Consumer Information Act”.
Safeguarding Non-bank Consumer Information Act
A BILL
To amend the Gramm-Leach-Bliley Act to give the Bureau of Consumer Financial Protection rulemaking and enforcement authority over the safeguards rule with respect to data aggregators and other financial institutions, and for other purposes.
Sec. 2 Application of safeguards rule to data aggregators
Application of safeguards rule— Section 501 of the Gramm-Leach-Bliley Act (15 U.S.C. 6801) is amended—
in the matter preceding paragraph (1), by inserting “and except as provided in subsection (c)” after “subsection (a)”;
in subsection (b), by striking “, other than the Bureau of Consumer Financial Protection,”; and
by adding at the end the following new subsection:
“(c) Data aggregators—The Bureau of Consumer Financial Protection shall establish, by rule, appropriate standards for data aggregators relating to administrative, technical, and physical safeguards to protect records and information as described in paragraphs (1) through (3) of subsection (b).”
in section 504(a)(1)(A), by striking “, except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under section 501”;
in section 505—
in subsection (a)(8), by striking “, but not with respect to the standards under section 501” and inserting “, including data aggregators”;
in subsection (b)(1), by striking “, other than the Bureau of Consumer Financial Protection,”; and
in subsection (b)(2), by striking “and (7)” and inserting “(7), and (8)”; and
in section 508(a), by striking “and the Federal Trade Commission” and inserting “, the Federal Trade Commission, and the Bureau of Consumer Financial Protection”.
in paragraph (3)(A), by inserting before the period at the end “, and includes a data aggregator”; and
by adding at the end the following new paragraph:
“(12) Data aggregator—The term data aggregator means a person that collects, maintains, utilizes, distributes, or gives access to individual or aggregate nonpublic personal information to another financial institution.”