cnbc.com/2022/06/23/gop-draft-bill-would-tighten-rules-for-finance-firms-using-customer-information.html
The draft would modernize a financial data protection law known as the Gramm-Leach-Bliley Act. It could end up applying to companies like Intuit-owned Mint and Plaid by including data aggregators in the law. The draft bill lays the groundwork for how House Republicans will tackle financial data privacy if they win back the majority in the chamber.

A new draft bill lays the groundwork for how the GOP will tackle financial data privacy if the party wins back the majority in the chamber this November. The discussion draft, shared exclusively with CNBC, would modernize a financial data protection law known as the Gramm-Leach-Bliley Act.

The text comes on the same day that lawmakers on the House Energy and Commerce Committee marked up the American Data Privacy and Protection Act. The new bipartisan framework has launched digital privacy back into the limelight just as Congress prepares to wrap up for its August recess. Such changes could end up applying to fintech companies like Plaid or Intuit's Mint.

The draft aims to update a targeted part of the law and broaden it so it would remain relevant even in the face of further innovation. "We didn't want to start with a really prescriptive and restrictive model," a senior Republican staffer says. The new text includes compromises on key issues that had previously stalled talks.
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