ABA this week will take part in a joint advertising effort with other bank and credit union trade associations urging Congress to require higher standards of protection for consumer data. In digital and print ads hitting Capitol Hill this week, the groups call on lawmakers to pass the Data Security Act of 2015 (H.R. 2205 and S. 961), bipartisan bills that would require all entities handling sensitive personal and financial data to protect that data.
Building on existing federal data protection and consumer notice standards that banks already follow under the Gramm-Leach-Bliley Act, this legislation would extend those standards to retailers and create a uniform, nationwide framework for consumer protection. The bill also encourages innovation in security, as opposed to mandating specific technologies, such as PINs. For more information, visit StoptheDataBreache.org.