Would not it be easier to ban anyone from using this location data for anything except explicitly permitted by law? The problem is not with standards, the problem is with people.
edit: Reading into the context of 'too big to fail' and 'collateral consequences' reveals exactly that kind of behavior.
It then becomes a cost/benefit analysis weighing the likelihood of getting caught * cost of potential fine vs business value of ignoring the law. Ignoring the law is frequently the correct decision.
But do you think our government will ever stand up? Doubtful
But having a law doesn't mean people or corporations won't break it out of the 'kindness of their heart'. Or because they're 'good people'.
For example, look at 'No gun zones'. You think a criminal is not going rob a bank at gun point because the bank is a no gun zone? If anything it incentivizes them because they know they'll have a monopoly of force upon entering ( if they have a gun, and can fairly assume no one else will because of 'no gun zone' policy )