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CBA Announces Support for Bipartisan House Data Security and Breach Notification Legislation
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today announced the association’s support for the Data Acquisition and Technology Accountability and Security Act introduced by Reps. Blaine Luetkemeyer (R-Mo.) and Carolyn Maloney (D-N.Y.). The House Financial Services subcommittee on Financial Institutions and Consumer Credit is holding a hearing on the legislation this afternoon.
“Bankers place a premium on protecting their customers’ financial and personal data. When high-profile commercial breaches happen, banks are on the front lines monitoring for fraud and working to make consumers whole – regardless of who is at fault,” Hunt said. “This bipartisan bill will create a national data security and breach notification standard to better protect consumers at every step in the payment system.”
The Luetkemeyer-Maloney legislation recognizes banks and credit unions already adhere to strong notification requirements and safeguards which are overseen by the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration. The legislation applies a similar, scalable standard to retailers and other commercial sectors to protect consumers’ sensitive information and require timely notification in the event of a breach.
Recent data from the Identity Theft Resource Center found businesses were the leading source of data breaches, not financial institutions.