Rep. Blaine Luetkemeyer (R-Mo.) today introduced a bill that would amend the Gramm-Leach-Bliley Act to codify existing data breach notification standards for the financial services industry, including insurance providers. These standards would preempt state-by-state requirements.
The bill differs significantly from draft bipartisan legislation circulated earlier this year by Luetkemeyer and Rep. Carolyn Maloney (D-N.Y.) that would have established broad standards for data protection across industries.
The American Bankers Association has long advocated for consistent data security standards and continues highlight the need for businesses across all industries to be held to the same data protection and breach notification standards adhered to by regulated financial institutions.