ALTA Signs Joint Trades Letter in Support of Data Security Act
December 15, 2015
On Dec. 7, ALTA joined seven other trade groups in a letter to House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters to express support for the Substitute Amendment to the Data Security Act of 2015 (H.R. 2205). This bipartisan bill is scheduled to be marked up by the House Financial Services Committee this week.
The Data Security Act establishes uniform national data security and breach notification standards for electronic data and also preempts state law to provide the Federal Trade Commission (FTC) with authority to enforce the standards established under the bill.
"Banks and credit unions are already required by law and regulation to protect consumer data and provide notice in the event a breach is likely to cause harm," the letter states. "This important legislation would extend these requirements to apply to all industries that handle sensitive information and would provide meaningful and consistent protection for consumers nationwide, while recognizing the strong protections already in place for financial institutions under the Gramm-Leach-Bliley Act (GLBA) and subsequent regulations."
Contact ALTA at 202-296-3671 or [email protected].