WASHINGTON-A group of top Financial Services Committee Members recently introduced legislation aimed at increasing safeguards on consumer financial information and requiring notification of consumers when data breaches occur. Several high-profile incidents of data security breaches have brought the issue to the forefront in Congress. The Financial Data Protection Act of 2005 would mandate strong national standards for protecting sensitive consumer information; require institutions to notify consumers that their information has been compromised and could be used by identity thieves; and require institutions to provide consumers with a free six-month nationwide credit monitoring service upon notification of a breach. Representatives Steven LaTourette (R-Ohio), Darlene Hooley (D-Ore.), Michael Castle (R-Del.), Deborah Pryce (R-Ohio), and Dennis Moore (D-Kan.) are sponsoring the legislation. “In the wake of security breaches that have exposed millions of Americans to the risk of account fraud or identity theft, the time is right for the Financial Services Committee and this Congress to act,” LaTourette said. Castle echoed, “We know of 50 database security breaches that have occurred since January 2005 that, taken together, could impact over 51 million Americans.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.