WASHINGTON—President Obama plans to introduce a pair of new bills designed to boost cybersecurity protections in the U.S., according to the White House.
He also is expected to mention that a credit union already makes credit scores available to its members.
The bills will be discussed during the president’s visit to the Federal Trade Commission on Monday, Jan. 19, one day ahead of his State of the Union speech on Jan. 20
President Obama will propose the Personal Data Notification & Protection Act, a bill that would require all corporations to notify consumers within a month if their personal information had been exposed in a data breach. The bill would also criminalize the overseas trade of identify information.
The president will also unveil the Student Digital Privacy Act, which would prohibit companies from selling data collected using technology provided by schools. The legislation would prevent firms from using personal data collected from the computers, tablets, and software used in classroom learning.
That proposal will be accompanied by an announcement that the administration has secured pledges from 75 companies, including Apple and Microsoft, to provide parents and teachers with protections against the misuse of their data.
Obama will also announce that JPMorgan Chase, USAA and the State Employees’ Credit Union in Raleigh, N.C., are joining a group of financial firms that have already agreed to make credit scores available to consumers.
In a statement, CUNA CEO Jim Nussle said “CUNA welcomes President Obama’s engagement in the critical issue of data breaches. We hope that any legislation that is enacted requires merchants to follow the same type of data security standards that credit unions and other financial institutions must follow, enables consumers to be notified in a timely manner, and ensures that credit unions are reimbursed for costs they incur as a result of merchant data breaches – all issues CUNA has been voicing to Congress.”
Related
FFIEC Releases Cybersecurity Assessment
NCUA Shares 2105 Supervisory Priorities
Retailers Claim CU Cybersecurity Statements ‘Misleading'; CU Trade Groups Punch Back