Ahead of a Senate Commerce Committee hearing on consumer data privacy today, ABA in a statement submitted for the record called on lawmakers to consider the existing set of privacy laws banks adhere to when drafting new federal privacy legislation.
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Banks should not expect relief from the courts when faced with losses caused by retailer negligence.
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.
The American Bankers Association joined a number of insurance trade associations in a comment letter to the National Association of Insurance Commissioners providing feedback on the NAIC’s recently proposed insurance data security pre- and post-breach checklists.
ABA and several other financial trade groups today urged the House Energy and Commerce Committee to advance legislation with the Financial Services Committee that would set strong data security standards and data breach notification requirements.
The Treasury Department today issued a long-awaited report recommending changes to laws and regulations affecting nonbank financial providers and the broader fintech environment.
As banks continue to assess their risks related to the European Union’s General Data Protection Regulation, which came into effect on May 25, ABA has released a new round of members-only resources to help.