Data Breach Notification Bill

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Sep 4

Data Breach Notification Bill

Linda Chan

September 4, 2006

Know More: Privacy 2.0, Privacy

The following is provided for information purposes, and not meant to be legal advice.

On July 21, 2006 the “Financial Data Protection Act” (Act) was reported out of the House Financial Services Committee. If passed, this Act would impose a national standard for the protection of private consumer data and for the notification of consumers in the event of a data breach.

The House sought a floor vote on the bill, but consumer groups forced the vote to be rescheduled until after the Summer recess.

The Act, known as H.R. 3997, would alleviate the compliance cost of meeting the different state statutes.

Consumer groups oppose H.R. 3997 because industry would have a business friendly national standard versus having to comply with the stringent existing state laws. H.R. 3997 requires individuals to be notified when the security of the personal information (social security number, date of birth, financial account number) has been breached only if the information is “reasonably likely” to be misused in a manner causing harm or inconvenience to the consumer. This standard is weaker than some state laws, which mandate notification on breach, even when the company does not see a risk to the consumer.

related entries

Personal Information on the Internet Part I Nov 12, 2007
Town Hall on Behavioral Advertising Part II Nov 9, 2007
Town Hall on Behavioral Advertising Part I Nov 8, 2007
Minnesota on Debit or Credit Card Data Sep 28, 2007
Privacy Updates Jul 27, 2007

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