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Enhanced Protection for Consumer Financial Data by Data Aggregators

This act aims to strengthen the protection of your financial data. It grants a government agency (the Bureau of Consumer Financial Protection) greater authority to oversee companies that collect and store your private financial information. This will make your data more secure from unauthorized access.
Key points
The Bureau of Consumer Financial Protection (BCFP) gains new powers to create and enforce rules for companies that aggregate financial data.
Companies collecting your financial data will need to meet stricter security standards to protect your information.
The act defines 'data aggregator' as a company that collects, maintains, or provides access to your private financial information to other institutions.
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Status:
Expired
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Additional Information
Print number: 117_HR_3910
Sponsor: Rep. Lynch, Stephen F. [D-MA-8]
Process start date: 2021-06-15
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Safeguarding Non-bank Consumer Information Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3910.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-15.

What are the main provisions?

Key points include:

  • The Bureau of Consumer Financial Protection (BCFP) gains new powers to create and enforce rules for companies that aggregate financial data.
  • Companies collecting your financial data will need to meet stricter security standards to protect your information.
  • The act defines 'data aggregator' as a company that collects, maintains, or provides access to your private financial information to other institutions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Lynch, Stephen F. [D-MA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Courts and Law Economy