On July 21, the Financial Data Protection Act (H.R. 3997) was reported out of the House Financial Services Committee. If passed, this act would impose a business-friendly, national standard for the protection of private consumer data, and notification of consumers in the event of a data-security breach.
A National Breach Law Is Inevitable
On July 21, the Financial Data Protection Act (H.R. 3997) was reported out of the House Financial Services Committee. If passed, this act would impose a business-friendly, national standard for the protection of private consumer data, and notification of consumers in the event of a data-security breach. Although the House leadership sought a quick floor vote on the bill, fierce opposition from consumer groups forced the vote to be rescheduled until after the summer recess. Despite this delay, a number of factors seem to be converging that will make a national data-breach law inevitable.
By
Law.com Staff
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