Orrick partner Beth McGinn joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt for our second episode focused on the proposed American Privacy Rights Act and its potential impact on the financial services industry. Beth sets the stage with an overview of the current data privacy regulatory landscape for financial services providers, including updates to the GLBA Safeguards Rule, reporting and disclosure requirements from the SEC and CISA, and state data privacy developments. Turning to the APRA, the group discusses how the FTC’s expansive rulemaking authority might interact with existing federal regulatory regimes, whether state requirements could be exempt from federal preemption, and new executive responsibility and impact assessment requirements in the proposed legislation. The conversation closes with a quick round-up of early industry and policymaking reactions to the APRA and provisions that would benefit from clarification before the bill is finalized.
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