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Financial Data Protection: New Rules for Reporting Information Breaches

New regulations require financial institutions to quickly report personal data breaches to the authorities. If a breach poses a high risk, institutions will have to directly inform affected customers. This aims to enhance the security of your financial data and ensure faster responses to threats.
Key points
Banks and other financial institutions must report breaches of your personal data to the Bureau of Consumer Financial Protection within 72 hours.
If a breach poses a high risk, the financial institution must notify you, describing the situation and actions taken.
Customer notification is not required if the institution has secured the data so it cannot be used by unauthorized parties, and the Bureau confirms this.
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Expired
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Additional Information
Print number: 117_HR_3911
Sponsor: Rep. Lynch, Stephen F. [D-MA-8]
Process start date: 2021-06-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Gramm-Leach-Bliley Act to establish procedures for disclosures by financial institutions of nonpublic personal information, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3911.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-15.

What are the main provisions?

Key points include:

  • Banks and other financial institutions must report breaches of your personal data to the Bureau of Consumer Financial Protection within 72 hours.
  • If a breach poses a high risk, the financial institution must notify you, describing the situation and actions taken.
  • Customer notification is not required if the institution has secured the data so it cannot be used by unauthorized parties, and the Bureau confirms this.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Lynch, Stephen F. [D-MA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Courts and Law Economy