WASHINGTON—Rep. Blaine Luetkemeyer (R-MO) has introduced the Consumer Information Notification Requirement Act, would amend the Gramm-Leach-Bliley Act (GLBA) to require federal financial regulators to set forth rules requiring financial institutions to notify consumers of breaches. Luetkemeyer said the objective is to better protect consumers’ financial information.
“NAFCU applauds Congressman Luetkemeyer for his leadership on the introduction of the Consumer Information Notification Requirement Act, which would amend the Gramm-Leach-Bliley Act to require a notice of unauthorized access that is likely to result in identity theft, fraud or economic loss,” said NAFCU President and CEO Dan Berger. “For more than a decade, NAFCU has advocated for a federal legislative solution to create strong data security standards.
“Financial institutions remain committed to protecting the American consumers they serve from data security breaches and holding negligent entities accountable,” continued Berger. “This bill is a positive development in efforts to implement a comprehensive standard.”
Support from CUNA
“We support this legislation to eliminate the patchwork of state data breach notification standards, ensuring consistent treatment to all affected by a data breach,” said CUNA President/CEO Jim Nussle. “Pre-empting conflicting—and often contradictory—state laws and requiring timely notice to those who are affected would greatly benefit consumers.”
The bill would pre-empt any existing state data breach notification law in the event of unauthorized access that is “reasonably likely” to result in identity theft, fraud, or economic loss, making notification easier for financial institutions and more uniform for consumers.
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