S. 2169 · 109th Congress
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.
D
CarperSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Financial Data Protection Act of 2005 - Amends the Fair Credit Reporting Act to prescribe safeguards for data security.
What it does: CRS summary · Introduced in Senate · Dec 21, 2005
Financial Data Protection Act of 2005 - Amends the Fair Credit Reporting Act to prescribe safeguards for data security.
Declares that each consumer reporter shall have an affirmative obligation to implement policies and procedures to protect the security and confidentiality of any consumer's sensitive financial personal information maintained, serviced, or communicated by or on the reporter's behalf against any unauthorized use reasonably likely to result in substantial harm or inconvenience to the consumer.
Defines "consumer reporter" as any consumer reporting agency, financial institution, or person: (1) which, for monetary fees, dues, on a cooperative nonprofit basis, or otherwise regularly engages in the practice of assembling or evaluating consumer information for the purpose of furnishing consumer reports to third parties, of providing or collecting payment for or marketing products and services, or for employment purposes; and (2) which uses any means or facility of interstate commerce for such purposes.
Prescribes implementation guidelines that include: (1) investigation requirements; (2) investigation notices and system restoration requirements; (3) third party duties; (4) consumer notice; (5) financial fraud mitigation; and (6) free file monitoring.
Directs the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission jointly to develop implementing standards and guidelines.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Data Protection Act of 2005
Latest action (Dec 21, 2005): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 21, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.