Responsible Data Alliance Comments on the Importance of Data to Fraud Prevention for House Financial Services Committee Subcommittee Hearing
The Responsible Data Alliance submitted comments to the House Financial Services Committee’s Subcommittee on Financial Institutions in connection with its hearing entitled, “Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions.” The comments highlight how access to data and services from third-party providers is vital to combat fraud and identity theft affecting financial institutions and consumers. “The exceptions in Section 502(e) of the Gramm-Leach-Bliley Act (“GLBA”) are crucial for enabling third-party data and service providers to provide the tools and services that protect financial institutions and consumers from fraud. Preserving these exceptions is essential to ensuring that core consumer protection activities related to fraud and identity theft prevention can persist,” the comments state.
