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Bill for Financial Services Breach Notification Passed

September 17, 2018 / Kacy Zurkus

A bill to standardized the data security and breach notification process for financial institutions has been approved by the House Financial Services Committee, despite pleas not to undermine the power of state regulators. On September 13, 2018, the committee voted 32-20 to approve the amended Gramm-Leach-Bliley Act (GLBA), now the Consumer Information Notification Requirement Act (H.R. 6743). The existing breach notification standards have been systematically amended to require that all financial institutions notify consumers of a data breach, according to Big Law Business. The vote to approve comes on the heels of members of the committee receiving a letter from the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Independent Community Bankers of America and the National Association of Federally-Insured Credit Unions.