Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, April 22, 2026 – The Financial Data and Technology Association (“FDATA”), a trade association representing more than 30 financial technology companies and consumer permissioned data access platforms in the United States and Canada, today commented on the introduction of The Guidelines for Use, Access, and Responsible Disclosure (GUARD) of Financial Data Act, legislation that would amend the Gramm-Leach-Bliley Act (GLBA) and establish a federally preemptive standard for financial data privacy in the United States.
FDATA reiterated its view that consumers should enjoy the same strong data privacy protections regardless of where they live, rather than being subject to a patchwork of state-by-state rules. A single, national framework will ensure consistent protections for consumers’ sensitive financial information and give confidence to consumers and small businesses that rely on digital financial tools.
Ahead of the bill’s introduction, last month, FDATA Executive Director Steve Boms testified before the House Financial Services Committee and emphasized that consumers and small businesses are best positioned to decide how their financial data should be used, and that any financial data privacy law should underscore the ability of Americans to securely access and share their financial data with a third party of their choosing in connection with a financial product, service, or tool.
“Financial data privacy and data empowerment go hand in hand,” said Boms. “A strong federal privacy regime should protect consumers while also preserving their ability to choose the providers they trust and to put their own data to work on their behalf. Such an approach will not only strengthen privacy and consumer trust, but also enhance competition and support innovation across the financial services ecosystem.”
FDATA looks forward to continuing to work with the House Financial Services Committee and its leadership on legislation that will ensure that consumers have federally preemptive data privacy and empowerment rights when it comes to their financial data.
About FDATA
FDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data in order to improve financial outcomes and drive innovation.
