Bill Aimed At Financial Services Would Require Breach-Notification for Customers

Yesterday House Financial Services subcommittee Chairman Blaine Luetkemeyer (R – MO) introduced legislation that would address notice requirements for financial services entities and insurers.

This bill requires that financial regulators establish specific breach-notice rules for the entities under their jurisdiction.

“The Consumer Information Notification Requirement Act enhances the Gramm-Leach-Bliley Act to require financial institutions subject to GLBA to have a breach notification standard, ensuring customers of financial firms are protected and informed in the event of a breach,” according to Luetkemeyer’s spokeswoman.

 Luetkemeyer and his staff have been quoted saying they would like to move it before congress adjourns in early October for the elections. Though Senate action may be unlikely, it could still get a House floor date by this fall.