NEWS RELEASE: Americans for Financial Reform applauds the release of the Data Accountability and Transparency Act of 2020

Contact: Diop Harris at or (269) 209-7733

Legislation was proposed by Sen. Sherrod Brown (D-OH)

This legislation will create vitally needed new public protections by putting constraints on the collection, use, sharing, and selling of our personal data by financial services companies and all firms. The Data Accountability and Transparency Act’s bright-line approach appropriately shifts the burden of privacy protection away from consumers, who have minimal resources to protect themselves, and toward corporations, which profit immensely from the aggregation of our data. The bill’s ban on discriminatory uses of personal data, and the safeguards it would put in place against unfair algorithmic decision-making, address serious and growing dangers to equity. Finally, we welcome the prospect of working with a new, independent agency, modeled on the Consumer Financial Protection Bureau, to protect the privacy, security, and integrity of Americans’ financial data.