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The House Energy and Commerce Committee canceled the scheduled markup of the American Privacy Rights Act following concerns about the bill.
ICBA View: ICBA and other groups earlier this week expressed opposition to the legislation, which would preempt many state data security laws but does not include clear language exempting financial institutions subject to Gramm-Leach-Bliley Act data security standards. The groups said the bill fails to address concerns raised before a subcommittee markup last month, so they oppose the legislation.
Previous Action: In a joint letter last month, the groups urged the subcommittee to amend the bill to exempt all financial institutions subject to GLBA regulations. The groups said failing to include a clear exemption would lead to duplicative and conflicting requirements for financial institutions already subject to GLBA oversight.