February 14, 2018

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Congress Must Enact Data Breach Legislation to Protect Consumers

FSR supports legislation that ensures all companies are required to protect sensitive personal and financial data with a strong but flexible, scalable data security framework.

Congress Must Enact Data Breach Legislation to Protect Consumers
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Congress Must Enact Data Breach Legislation to Protect Consumers 

Sends letter to House Financial Services Committee outlining status quo regulatory gaps

 

WASHINGTON—The Financial Services Roundtable (FSR) today submitted a letter to the House Financial Services Committee urging Congress to enact strong data security legislation to better protect consumers and ensure sensitive financial information is kept safe.

“FSR supports legislation that ensures all companies are required to protect sensitive personal and financial data with a strong but flexible, scalable data security framework,” wrote FSR’s Vice President of Government Affairs for Payments, Jason Kratovil. “No reasonable person would conclude that the status quo lack of federal requirements that all other companies should protect sensitive data and be required to notify consumers of a breach is acceptable in today’s data-intensive economy.”

While Congress has imposed specific data protection obligations on the financial industry, FSR supports Congressional efforts to enact legislation that ensures all companies across the economy are:

  • Required to protect sensitive personal and financial data with a strong but flexible and scalable data security framework
  • Require timely notification to consumers that are at risk of identity theft or fraud when a breach occurs
  • Ensure compliance through appropriate Federal and State oversight, while recognizing existing federal obligations – including GLBA; and eliminate overlapping and inconsistent state laws.

FSR looks forward to working with the House Financial Services Committee, Congress, and multiple industry stakeholders to advance federal data breach legislation. To read FSR’s full letter, click here.

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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