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WASHINGTON – The House got what it had been waiting on last week regarding data security legislation: a companion bill in the Senate.

Senate Banking Committee Members Bob Bennett (R-Utah) and Tom Carper (D-Del.) introduced the Data Security Act of 2006 last week. NAFCU was particularly pleased that the Senate bill provides a carve-out for financial institutions in compliance with Title V of the Gramm-Leach-Bliley Act; other entities will fall under the jurisdiction of the Federal Trade Commission. “This is something we whole-heartedly support,” NAFCU Associate Director of Legislative Affairs Debbie Kwon-Moore said. She described the Senate bill as taking a “common-sense approach to addressing data security.”

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