Congress has latched on to the matter and has been furiously introducing and moving legislation with about 10 bills circulating between the two chambers. “Nobody knows right now what’s going on,” NAFCU Associate Director of Legislative Affairs Debbie Kwon-Moore explained. On May 11, a House Judiciary subcommittee held a hearing on its own bill, Cyber-Security Enhancement and Consumer Data Protection Act of 2006 (H.R. 5318), and a markup was slated for May 18. This bill focused mainly on the investigation, prosecution and penalties for cyber-crimes and stealing personal information.

However, NAFCU favors the legislation that came out of the House Financial Services Committee, the Financial Data Protection Act of 2005 (H.R. 3997), which gives consumer reporters-those handling personal information to assemble or evaluate for consumer reports, payments or employment purposes, and facilitates interstate commerce-”an affirmative obligation” to protect the information against unauthorized use “reasonably likely” to bring “harm or inconvenience” to the consumer, according to a bill summary. It also prescribes guidelines on investigations, third party duties, consumer notice, fraud mitigation, and free file monitoring.

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

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

  • Critical 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 and

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 and

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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.