Which regulatory agencies enforce this type of clause?

{'agency': 'FTC', 'reason': 'FTC enforces the Safeguards Rule under GLBA (16 C.F.R. Part 314) requiring financial institutions to protect customer SSNs, government IDs, and financial account data with a comprehensive security program.', 'complaint_url': 'https://reportfraud.ftc.gov/'}, {'agency': 'CFPB', 'reason': "CFPB has supervisory and enforcement authority over financial institutions' practices for collecting, securing, and using sensitive personal financial information under GLBA and the Consumer Financial Protection Act.", 'complaint_url': 'https://www.consumerfinance.gov/complaint/'}

What is the severity of this clause?

ConductAtlas classifies this Government ID and Sensitive Financial Data Collection clause as high severity. Severity reflects the magnitude of rights affected, the breadth of users impacted, and the degree of discretion the platform retains.

Government ID and Sensitive Financial Data Collection — Robinhood

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What it is

Robinhood collects your Social Security number, driver's license, passport, and full bank and investment account details as part of account opening and regulatory compliance.

Consumer impact (what this means for users)

Robinhood holds your most sensitive identity and financial credentials, meaning any security incident could expose you to identity theft; you should monitor your credit and financial accounts and enable all available security features on your Robinhood account.

Cross-platform context

See how other platforms handle Government ID and Sensitive Financial Data Collection and similar clauses.

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Why it matters (compliance & risk perspective)

Collection of SSNs, passport numbers, and financial account credentials represents maximum-sensitivity personal data — its exposure in a breach creates severe identity theft and financial fraud risk for users.

View original clause language

Government-issued identification numbers, such as your Social Security number, driver's license number, passport number, or other government-issued ID number, as well as financial account information including bank account numbers, investment account numbers, and related financial data.

Institutional analysis (Compliance & legal intelligence)

(1) REGULATORY FRAMEWORK: GLBA Safeguards Rule (16 C.F.R. Part 314, as amended 2023) requires financial institutions to implement a comprehensive information security program protecting customer NPI including SSNs and financial account numbers. SEC Regulation S-P (17 C.F.R. Part 248, Subpart A) requires broker-dealers to adopt written policies and procedures for protection of customer information. IRS regulations require SSN collection for tax reporting (Form 1099 series). FinCEN Customer Identification Program rules (31 C.F.R. §1023.220) require collection of government ID for broker-dealer account opening. Enforced by FTC (Safeguards Rule), SEC/FINRA (Reg S-P), and FinCEN (CIP). (2)

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Applicable agencies

FTC

FTC enforces the Safeguards Rule under GLBA (16 C.F.R. Part 314) requiring financial institutions to protect customer SSNs, government IDs, and financial account data with a comprehensive security program.
File a complaint →
CFPB

CFPB has supervisory and enforcement authority over financial institutions' practices for collecting, securing, and using sensitive personal financial information under GLBA and the Consumer Financial Protection Act.
File a complaint →

Provision details

Document information

Document

Robinhood Privacy Policy

Entity

Robinhood

Document last updated

April 29, 2026

Tracking information

First tracked

April 28, 2026

Last verified

April 28, 2026

Record ID

CA-P-003953

Document ID

CA-D-00051

Evidence Provenance

Source URL

https://robinhood.com/us/en/support/articles/privacy-policy/

Wayback Machine

View archived versions →

SHA-256

9efc213c29edcd5de954b7c48b928ff6afe1df8832a8df5c8b4fb03afbed13c3

Verified

✓ Snapshot stored ✓ Change verified

How to Cite

ConductAtlas Policy Archive
Entity: Robinhood | Document: Robinhood Privacy Policy | Record: CA-P-003953
Captured: 2026-04-28 09:24:04 UTC | SHA-256: 9efc213c29edcd5d…
URL: https://conductatlas.com/platform/robinhood/robinhood-privacy-policy/government-id-and-sensitive-financial-data-collection/
Accessed: May 2, 2026

Classification

Severity

High

Government ID and Sensitive Financial Data Collection