H.R. 3375 · 109th Congress
Financial Data Security Act of 2005
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
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
PryceSponsor3 cosponsors · 1 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Financial Data Security Act of 2005 - Amends the Fair Credit Reporting Act to declare that each consumer reporting agency, reporting broker, or reporting collector (consumer reporter) has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial account and identity…
What it does: CRS summary · Introduced in House · Jul 21, 2005
Financial Data Security Act of 2005 - Amends the Fair Credit Reporting Act to declare that each consumer reporting agency, reporting broker, or reporting collector (consumer reporter) has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial account and identity information against any unauthorized use that is reasonably likely to result in substantial inconvenience or substantial harm to such consumer.
Prescribes data security safeguards that include: (1) investigations to protect against identity theft and fraudulent transactions; (2) notification alerts to law enforcement agencies, functional regulatory agencies, and affected consumers; (3) investigation and notice requirements for third party agreements; and (4) financial fraud mitigation procedures that offer free file monitoring service for affected consumers.
Requires the Secretary of the Treasury (Secretary), the Board of Governors of the Federal Reserve System (Board), and the Federal Trade Commission (FTC) jointly to prescribe regulations that shield a consumer reporter from liability under state common law for loss or harm to the consumer subsequent to such reporter's offer of the free file monitoring service.
Cites conditions under which persons in compliance with the Gramm-Leach Bliley Act governing disclosure of nonpublic personal financial information shall be deemed to be in compliance with this Act.
Prescribes guidelines for joint promulgation of uniform security regulations by the Secretary, the Board, and the FTC.
Preempts state law with respect to the data security safeguards and financial fraud mitigation prescribed by this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Data Security 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.