House Panel to Consider ABA-Backed Data Security Bill

The House Financial Services Committee will meet tomorrow to consider several bills, including the ABA-advocated H.R. 2205, which would establish a national data security and breach notification standard for financial institutions and retailers and is part of ABA’s Agenda for America’s Hometown Banks.

The bipartisan bill, sponsored by Reps. Randy Neugebauer (R-Texas) and John Carney (D-Del.), models its security and notification requirements on the rigorous standards already in place in the financial industry under the Gramm-Leach-Bliley Act and recognizes that financial institutions do not need a duplicative set of requirements.

The committee will also consider the ABA-supported H.R. 3791, which would expand the relief offered under the Federal Reserve’s small bank holding company policy statements to institutions with assets under $5 billion, up from the current $1 billion. The House panel will also meet tomorrow to conduct oversight of the Financial Stability Oversight Council. Leaders of seven regulatory agencies will testify.