House Financial Services Committee passes R.6743
Aaron Lancaster of BakerHostetler has a great privacy rewind for the week that includes action in Congress. He writes:
House Committee Passes Federal Data Breach Notification Bill for Financial Institutions
- The House Financial Services Committee passed R. 6743, the Consumer Information Notification Requirement Act, which would require financial institutions to notify affected customers of a data breach that affects their personal information.
- The law would establish uniform notification standards across all regulatory agencies empowered by the Gramm-Leach-Bliley Act (GLBA) and pre-empt state and local data breach notification laws with respect to entities subject to GLBA.
- A number of banking organizations supported the bill’s passage from committee, “so that Congress can take a step forward in enacting comprehensive data breach legislation … for all entities that acquire and use sensitive personal and financial information.”