House Financial Services Committee Passes Data Security Bill
On December 8, the House Financial Services Committee convened to mark up and subsequently pass legislation opposed by NACS: the Data Security Act of 2015 (H.R. 2205). Introduced by Representative Randy Neugebauer (R-TX), the bill would establish a national data security and breach notification standard that would impose enormous costs on most industries in the nation—including the convenience store industry—while allowing other businesses, particularly financial institutions, off the hook.
Read more on NACS.
Note that CUNA was backing this bill:
Votes from the House Financial Services Committee Wednesday will help make consumer data safer, said CUNA President/CEO Jim Nussle. The committee passed two bills that have strong CUNA support, the Data Security Act of 2015 (H.R. 2205) and the National Credit Union Administration Budget Transparency Act (H.R. 2287) during its markup.
H.R. 2205 passed the committee with a 46-9 vote and H.R. 2287 passed with a 40-16 vote.
Related: H.R. 2205