FTC Commercial Surveillance ANPR 2022

November 21, 2022

Federal Trade Commission
Office of the Secretary
600 Pennsylvania Avenue, NW
Suite CC-5610 (Annex B)
Washington, DC 20580

Re: Commercial Surveillance ANPR, R111004

Dear Federal Trade Commission:

The American Bankers Association appreciates the opportunity to comment on the Federal Trade Commission's advance notice of proposed rulemaking (ANPR) on commercial surveillance and data security. The FTC is considering important issues about data collection, privacy, consumer choice, automated decision-making and innovation. ABA writes to ensure that the FTC considers the current landscape of federal and state laws governing privacy and data security and that the FTC does not pursue regulations that will discourage innovation that has benefitted consumers in financial services.

Banks understand the importance of privacy and data security to their customers. However, we are concerned about the FTC’s negative assessment of data collection and use, demonstrated by the ANPR’s repeated use of the phrases "harmful commercial surveillance" and "lax data security." The ANPR lacks mention of the benefits of data and technology, which when used responsibly, help to make the financial services marketplace more efficient and inclusive. The banking industry uses data and technology to optimize delivery channels and messages and to improve inclusion through the development of new products and services. Technology also helps businesses protect against fraud, cyberattacks, and ransomware.

The ANPR suggests that data collection and use is surreptitious and harmful to consumers. However, not all data collection is surreptitious—consumers frequently choose to provide personal information to obtain services and products they value. It must also be noted that, regardless of data collection methods, many data uses benefit consumers and are not inherently harmful, such as targeted marketing, fraud prevention, credit underwriting and pricing. Further, in many cases the data collection is clearly and conspicuously disclosed. 

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