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Bill Updating National Data Breach Notifications Slated for Markup
Wednesday, September 12, 2018 6:40 AM

The House Financial Services Committee will review a bill establishing national data breach notification requirements for all financial entities, including credit bureaus, tomorrow.

The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, wrote CUNA President/CEO Jim Nussle on Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.) who introduced the bill last week.

"We support your legislation that updates Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions,” Nussle wrote. “Specifically, this legislation would create a notification regime preempting the existing patchwork of often conflicting and contradictory state laws. This national notification standard will ensure that consumers are treated consistently no matter their state residence.”

"We agree with CUNA's assertion that the Consumer Information Notification Requirement Act is a strong first step toward updating Gramm-Leach-Bliley," said Cornerstone Credit Union League President/CEO Caroline Willard. "We support national legislation that holds merchants to the same standards as financial institutions."

In addition to this legislation, Nussle urged Congress to consider legislation containing other principles CUNA believes must be part of data breach legislation that not only holds merchants to the same standards as financial institutions, but also gives the Federal Trade Commission and state attorneys general the authority to enforce this standard.