It would be easy for bank CEOs to breathe a sigh of relief that after years of getting pummeled by lawmakers in high-profile televised hearings it was someone elses turn this time But while it may have felt satisfying to watch another CEO not to mention a fresh-faced tech billionaire handle the pressure of the congressional hot seat such a reaction misses the bigger takeaway for banks from Mark Zuckerbergs appearance on Capitol Hill Tuesday afternoon That is attitudes about data privacy both in Congress and among the general public are changing and banks better listen up During hours of questioning from the Senate Judiciary and Commerce committees the Facebook CEO apologized repeatedly for not doing enough to protect the personal information of his companys users The hearing came amid revelations that Cambridge Analytica a data firm with ties to President Donald Trumps 2016 campaign improperly accessed the data of as many as 87 million users Some of the exchanges between Facebook CEO Mark Zuckerberg pictured and lawmakers will linger for awhile including this warning from Sen Bill Nelson D-Fla If Facebook or other online companies cannot fix privacy invasions then we are going to have to Zuckerbergs highly anticipated appearance also came as Facebook continues to deal with the fallout from revelations that the social media platform was used by Russians to disseminate false and divisive information during the election It was a big mistake and it was my mistake Zuckerberg said during the hearing saying he didnt take a broad enough view of his social responsibility Im sorry Zuckerberg remained contrite as 44 members from both committees representing nearly half of the Senate took turns probing him with questions on topics ranging from whether Facebook collects data from other apps that customers use to the various ways the company tries to gives its users control of their data What made his appearance different from other CEO drubbings in Congress though was the sense that it marked the beginning of a much broader public policy debate about how companies should use the personal data they have on customers and what kind of consent they should they should obtain in doing so Banks clearly have a big stake in that conversation More so than other types of companies they view themselves the preeminent gatekeepers of personal information This privacy issue is a big deal Jamie Dimon chairman and CEO at JPMorgan Chase said last month when asked what advice he would give to Facebook as it navigates its recent debacles All of that data location shopping sites places you visit all of that information is being accumulated and sold and marketed around the world Consider the recent consumer banking app announced by Citigroup which said in late March that it will provide financial advice to anyone including noncustomers in exchange for their personal data Or the move by JPMorgan last year to create a way for its customers to share data with Intuit the owner of Mint and TurboTax without having to fork over their passwords And there have been less flattering examples of the financial services industrys ability to safeguard consumer data such as the cyberattack at Equifax in which 1455 million consumers had their personal data stolen During the hearing several senators made nods to potential ways to address the issue of data privacy through legislative action If Facebook or other online companies cannot fix privacy invasions then we are going to have to Sen Bill Nelson D-Fla How can American consumers trust folks like your company to be caretakers of the most personal and identifiable information Among the options floated was a bill sponsored by Sens Ed Markey D-Ma and Richard Blumenthal D-Conn to provide a privacy bill of rights for consumers Sen Brian Schatz D-Hawaii suggested that lawmakers should require tech companies to act as information fiduciaries in the same way that attorneys doctors and financial advisers are required to protect the information of their clients Its a concept that has been advocated for by Jack Balkin a constitutional law professor at Yale Meanwhile several senators including Sen Lindsey Graham R-SC questioned whether European countries have it right in terms of how they regulate data privacy The European Union last year adopted strict privacy regulations designed to give customers more control over their personal information I think they get things right Zuckerberg said of the Europeans in response to Sen Grahams question prompting laughter from the audience It remains to be seen whether the uproar over Facebooks mishandling of consumer data results in new laws or regulation Also unclear is what role banks will play in the debate to come With Zuckerberg scheduled to testify in the House on Wednesday morning though its clear that the conversation is just getting started