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Online EducationABA Banking Journal: Data privacy bill leaves banks in existing federal privacy regulation frameworkJune 3, 2026
The Secure Data Act (H.R. 8413) would establish national privacy and data security standards enforced by the Federal Trade Commission and state attorneys general, according to a summary of the legislation. The legislation would exempt financial institutions and data covered by the GLBA, but a related bill – the GUARD Financial Data Act (H.R. 8398) – would update the 1999 law to account for advances in technology. In a letter to the House Subcommittee on Commerce, Manufacturing and Trade, said the two bills are complementary and reflect “a commitment to renewed congressional leadership in the privacy space, which has been left to the states for far too long.” “There were many areas of potential overlap and conflict, and the products reflect a mature and highly serious attempt to collaborate in a way that enhances consumer protections, expands the reach of data security safeguards, and ensures regulatory oversight by agencies with the necessary levels of subject matter expertise,” ABA said. Back to TopABA Banking Journal: Chair’s View: Uniting to stop scamsABA has led the call for a comprehensive, whole-of-government approach to fighting fraud. But other industries must step up and join the banking industry.June 3, 2026 | Kenneth Kelly
Americans recognize the critical role that banks play — we have data that consistently shows that consumers understand and appreciate the steps banks take to safeguard their finances. At ABA, we’re doing our part to support banks in these important efforts, through resources like the ABA Fraud Directory, which provides easy access to contact information to help bankers resolve fraud claims as quickly as possible, or exclusive member access to the Treasury Check Verification System, through which they can validate payee information on government checks. And we help educate the public through our award-winning #BanksNeverAskThat and #PracticeSafeChecks campaigns, which educate consumers on fraud and scam risks and red flags — and which are available for free to all banks, whether you’re an ABA member or not. I’m so proud to be part of an industry that is taking steps to tackle this pervasive problem head-on, and I salute my fellow bank leaders on everything that you’re doing to be proactive in this area. Together, we can send a powerful message to fraudsters and keep our customers safe. But the reality is that banks alone cannot stop fraud. The size and scale of the crisis we face is far too big for one single industrial sector to tackle effectively. That’s why ABA has led the call for a comprehensive, whole-of-government approach to fighting fraud — and why we need other industries to step up and do their part. We’ve made that case in recent days, and lawmakers are listening. Earlier this year, ABA welcomed the introduction of the bipartisan SCAM Act — which is being championed in the House by Reps. Lou Correa (D-Calif.) and Dan Meuser (R-N.Y.), and in the Senate by Sens. Ruben Gallego (D-Ariz.) and Bernie Moreno (R-Ohio). This bill seeks greater accountability from social media platforms, by requiring them to take reasonable steps to remove scam ads from their platforms. Every day, consumers across America fall prey to scam ads on Facebook, Instagram and other social media platforms. Many of these ads are not properly vetted, and too often, social media companies turn a blind eye because they generate revenue that supports their bottom line. In fact, Reuters reported in November that Meta projected that its 2024 advertisements for scams and banned goods would bring in about $16 billion, or 10% of its total revenue. It’s time for that to stop. The SCAM Act is an important step in the right direction that will make Americans safer, and as bankers, we need to do everything we can to ensure that this bill becomes law. Please visit ABA’s grassroots website, SecureAmericanOpportunity.com today and urge your lawmakers to cosponsor the SCAM Act. Back to TopABA Banking Journal: Trump signs order to strengthen cybersecurity from AI-enabled threatsJune 2, 2026
Trump originally was scheduled to issue an order on AI last month. It was delayed after tech executives reportedly raised several concerns about some of the provisions. The order issued today directs agencies to establish or expand federal programs and cybersecurity services that enhance AI-enabled defensive tools. It also directs agencies to facilitate access to those tools to critical infrastructure, such as community banks, rural hospitals and local utilities. In addition, the order directs federal agencies to develop a voluntary framework in which developers can submit their AI models for review up to 30 days before release to other parties. Among other things, the government would help developers select partners that would have early access to the models. The order also calls for the establishment of an “AI cybersecurity clearinghouse” that would coordinate scanning for software vulnerabilities and the distribution of vulnerability patches. In a statement, American Bankers Association President and CEO Rob Nichols called the order a constructive step toward strengthening the nation’s approach to managing the cybersecurity risks and opportunities associated with advanced AI. “Banks already invest heavily in protecting customers, safeguarding sensitive information, and defending against increasingly sophisticated fraud and cyber threats,” Nichols said. “We are particularly encouraged by the executive order’s direction to establish an AI cybersecurity clearinghouse to coordinate vulnerability discovery, validation, prioritization, and remediation across government, technology providers and critical infrastructure operators. “Building on that foundation, successful implementation will depend on ensuring that organizations of all sizes, including community banks, have timely access to actionable threat intelligence, effective cybersecurity tools and practical mechanisms for coordinated response,” he added. “The clearinghouse has the potential to play an important role in ensuring that lessons learned from advanced AI cybersecurity capabilities, including validated vulnerabilities, mitigation strategies and other actionable defensive intelligence, can be shared broadly and translated into practical protections for community banks and other smaller critical infrastructure operators.” Back to TopABA Banking Journal: ABA seeks changes to proposed approval process for state stablecoin regulationJune 2, 2026
The Genius Act allows payment stablecoin issuers with a consolidated total outstanding issuance of less than $10 billion to opt for regulation under a state-level regulatory regime, provided that the state’s regime is “substantially similar” to the federal regulatory framework. The Treasury Department in March issued a proposed rule to grant states “wide latitude” in setting their frameworks. Among its recommendations, ABA said the department should remove the proposal’s distinction between “uniform” and “state-calibrated” requirements and replace both with a single “meets or exceeds” standard for evaluating state regulatory regimes. The association also recommended that a state’s ability to enforce its regime be considered when evaluating applications from stablecoin issuers to be regulated by a state. Other recommendations include:
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The American Bankers Association today said that legislation to establish national data privacy standards contains many of the policy priorities that it has advocated for over the years, including ensuring that banks continue to be subject to the Gramm-Leach-Bliley Act framework.
President Trump today signed an executive order directing federal agencies to take steps to counter the potential cybersecurity threats posed by artificial intelligence, including by giving community banks the tools they need to protect themselves.
The American Bankers Association today offered several recommendations to improve a proposed rule governing what factors the Treasury Department will use to evaluate rules for state-qualified stablecoin issuers.
