U.S. Sectoral approach to FINTECH
The effect of this approach is to allow the private market the autonomy to develop policies, technology, and self-regulate to protect individuals' private data. The U.S. does not currently have a single national data protection law.
European Privacy Laws
The European Union is currently preparing a regulation that will supersede the Data Protection Directive; the current directive addresses the protection of personal data. The proposed law, which will expand on the existing regime, is slated to take effect in 2016.
U.S. Laws on Privacy
Under the U.S. sectoral approach, all the privacy laws in the country apply only under certain circumstances and usually only to individuals (e.g., the Video Privacy Protection Act of 1988 and the Cable Television Protection and Competition Act of 1992).
American Privacy Law has roots in a rich literary tradition, stretching from Frederick Douglass's 1852 Narrative to Ralph Waldo Emerson's 1841 Nature to Mark Twain's 1905 Letters from the Earth. This tradition includes reflections on the use and misuse of personal information, the role of technology in private life, and the relationship between individuals and the organizations with whom they interact.
Neither have state constitutions that are explicit guarantees of privacy. Consequently, there is no constitutional framework upon which to build a single data privacy act.
