Legislation introduced by Rep. Barry Loudermilk (R-Ga.) proposes to increase consumer privacy protections and reduce burdens to certain financial institutions through amendments to the Bank Secrecy Act/Anti Money Laundering Rules (BSA/AML).
H.R. 6850, known as the Financial Reporting Threshold Modernization Act, would raise key thresholds that stipulate when covered financial institutions must take certain measures to ensure the security of consumers’ data.
Read on to find out more details about the legislation and which industry trade groups support it.