New Financial Data Security and Breach Notification Standards
This bill establishes uniform, nationwide data security standards for financial institutions. It means banks and other financial companies will have to notify customers more quickly about unauthorized access to their data if there's a risk of identity theft, fraud, or financial loss. The goal is to better protect your personal and financial information.
Key points
Establishes a national standard for financial data breach notification, meaning all financial institutions must follow the same rules.
Financial institutions will be required to notify about unauthorized data access if there is a reasonable likelihood of identity theft, fraud, or economic loss.
The bill preempts existing varying state laws on financial data security, creating a single, consistent federal system.
Expired
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