If you look at section 2 of bill S.2658[0], you will see that the bill only applies to "Large Communications Platform Providers". You bank is not that. Spotify and Netflix are not that. The bill doesn't apply to them. And note that the current threshold is 100M monthly active users in the United States*. A third of the population using the communications platform monthly. Relevant passage of section 2:
(7) LARGE COMMUNICATIONS PLATFORM.—The term “large communications platform” means a product or service provided by a communications provider that—
(A) generates income, directly or indirectly, from the collection, processing, sale, or sharing of user data; and
(B) has more than 100,000,000 monthly active users in the United States.
> (A) generates income, directly or indirectly, from the collection, processing, sale, or sharing of user data; and
OK, this is substantially better than any other proposal I've seen. It means that any platform that doesn't make money off of user data (e.g. one that makes money in some more ethical way) is exempt.
That seems overly broad. The whole point of a communications service from the user's point of view is to process user data, namely the messages that the user sends or receives via that service.
Original bill text: [0] https://www.congress.gov/bill/116th-congress/senate-bill/265...