H.R. 3374 · 109th Congress
Consumer Notification and Financial Data Protection Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LaTouretteSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Consumer Notification and Financial Data Protection Act of 2005 - Declares that each financial institution has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial personal information against any unauthorized use that is reasonably likely to result in harm or…
What it does: CRS summary · Introduced in House · Jul 21, 2005
Consumer Notification and Financial Data Protection Act of 2005 - Declares that each financial institution has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial personal information against any unauthorized use that is reasonably likely to result in harm or substantial inconvenience to such consumer.
Prescribes procedural guidelines, including: (1) investigation and notice procedures to alert regulators, law enforcement officials, and consumers in case of data security breaches; (2) mitigation procedures that offer free nationwide file monitoring for affected consumers; and (3) a safe harbor from liability for a financial institution in compliance with this Act.
Directs the Federal Trade Commission to promulgate regulations requiring a financial institution which maintains or possesses sensitive financial personal information for a business purpose to dispose of it so that it cannot practicably be read or reconstructed.
Preempts comparable state law.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Consumer Notification and Financial Data Protection Act of 2005
Latest action (Jul 21, 2005): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 21, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.