WASHINGTON-Another data security bill targeting the causes ofrecent breaches has passed out of committee in the House. The DataAccountability and Trust Act (H.R. 4127) would provide much of theoversight for data security standards to the Federal TradeCommission. Financial service providers already have to comply withTitle V of the Gramm-Leach-Bliley Act, which essentially has thesame goals. The House Energy and Commerce Committee approved thelegislation last Wednesday by a vote of 41-0. NAFCU, working withAmerica's Community Bankers, and CUNA are opposing the powersprovided to the FTC and are asking for a carve-out amendment.Congressman Vito Fossella (R-N.Y.) introduced and then withdrew anamendment that would exempt institutions covered by GLBA from FTCoversight in this matter. "We don't want to put another unnecessaryregulation on credit unions and other financial institutions,"NAFCU Associate Director of Legislative Affairs Debbie Kwon-Mooresaid. NAFCU sent a letter to the committee leadership just beforethe markup, stating, "Having the FTC create new requirements thatalready exist is not the answer. The key is to widen the umbrellato include other entities that are not being regulated." "Webelieve the GLBA sets stringent standards and that the bankingregulators have done a superb job of implementing it," ACBExecutive Vice President and Managing Director of GovernmentRelations Bob Davis said. "Allowing a new layer of duplicateregulations is bad for community banks and financial institutionsof all types." Just a couple weeks before, the House FinancialServices Committee approved the Financial Data Protection Act (H.R.3997), 48-17. These are just two of about a dozen data securitybills currently circulating on the Hill. The House JudiciaryCommittee has said it will also have a data security bill outshortly.