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|ABA Applauds House Financial Services Committee Vote on Data Security Act of 2015|
|Thursday, 10 December 2015|
“We applaud the House Financial Services Committee for passing the Data Security Act of 2015. This important legislation introduced by Chairman Neugebauer and Representative Carney would increase protections for consumers by ensuring all entities that handle sensitive financial data have a robust process to protect data in place. This would go a long way toward stopping breaches before they occur.
“Banks are already required to protect consumer data and provide notice if a breach is likely to cause harm. This legislation would extend these requirements to all industries that handle sensitive information, ensuring meaningful and consistent protection for consumers by replacing the current patchwork of state and federal regulations with a national law that provides uniform protections across the country.
“We stand ready to work with members of the committee to get this important bill before the full House and enacted into law as soon as possible.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
By James Ballentine, ABA’s executive vice president of congressional relations and political affairs
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