WASHINGTON—Congress will hold a hearing today on “What Are the Elements of Sound Data Breach Legislation?” The hearing is being held by the House Subcommittee on Commerce, Manufacturing, and Trade and will be held in the Rayburn House Office Building.
While the credit union trade groups have repeatedly expressed interest in data breach-related legislation, no CU reps will testify, but a representative of the Retail Industry Leaders Association, which earlier this year issued a somewhat bizarre statement saying that the robust year-end financials credit unions reported are evidence that data breaches are insignificant to CUs, will testify. Also testifying will be representatives of Acxiom Corp., Comp TIA, and the Samford University School of Law.
The subcommittee is chaired by Dr. Michael Burgess (R-TX), who has said that “working toward a federal data breach solution is a top priority for our new Congress.”
In the Senate, Bill Nelson (D-FL) has also introduced a breach notification bill (S.177) that would require companies, under most circumstances, to notify consumers of data breaches within 30 days. It also would direct the Federal Trade Commission to develop security standards to help businesses protect consumers’ personal and financial data.
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