Protecting Consumer Information Act of 2021
Bill: H.R.474 | Sponsor: Rep. Lieu, Ted (D-CA)
Policy area: Commerce

Summary:
Protecting Consumer Information Act of 2021
This bill requires the Federal Trade Commission to review whether current privacy standards are sufficient to protect consumer financial information against cyber threats. The bill includes provisions related to investigations, enforcement, and regulations that apply to consumer reporting agencies.

To direct the Federal Trade Commission to review and potentially revise 
its standards for safeguarding customer information to ensure that such 
   standards require certain consumer reporting agencies and service 
 providers of such agencies to maintain sufficient safeguards against 
cyber attacks and related threats, to provide for additional authority 
to enforce such standards with respect to such agencies and providers, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Consumer Information Act 
of 2021''.

SEC. 2. STANDARDS FOR CYBERSECURITY SAFEGUARDS FOR CERTAIN CONSUMER 
              REPORTING AGENCIES AND SERVICE PROVIDERS.

    (a) Review of Standards; Potential Revision.--
            (1) Review.--Not later than 90 days after the date of the 
        enactment of this Act, the Commission shall complete a review 
        of the standards contained in the regulations issued by the 
        Commission under section 501 of the Gramm-Leach-Bliley Act (15 
        U.S.C. 6801) to determine whether such standards require 
        covered consumer reporting agencies and covered service 
        providers to maintain sufficient safeguards to protect customer 
        records and information against cyber attacks and related 
        threats.
            (2) Revision.--If the Commission determines in the review 
        completed under paragraph (1) that the standards contained in 
        the regulations issued by the Commission under section 501 of 
        the Gramm-Leach-Bliley Act (15 U.S.C. 6801) do not require 
        covered consumer reporting agencies and covered service 
        providers to maintain sufficient safeguards to protect customer 
        records and information against cyber attacks and related 
        threats, not later than 180 days after the date of the 
        completion of the review, the Commission shall, pursuant to 
        section 553 of title 5, United States Code, revise such 
        regulations so as to provide for standards applicable to 
        covered consumer reporting agencies and covered service 
        providers that require such agencies and providers to maintain 
        sufficient safeguards to protect customer records and 
        information against cyber attacks and related threats.
    (b) Investigations.--
            (1) Initial investigation.--
                    (A) In general.--Not later than 18 months after the 
                date described in subparagraph (B), the Commission 
                shall complete an investigation of each person or 
                entity that, as of the date described in such 
                subparagraph, is a covered consumer reporting agency or 
                covered service provider, to determine whether such 
                agency or provider is in compliance with the 
                regulations issued by the Commission under section 501 
                of the Gramm-Leach-Bliley Act (15 U.S.C. 6801).
                    (B) Date described.--The date described in this 
                subparagraph is--
                            (i) if no revision of such regulations is 
                        required by paragraph (2) of subsection (a), 
                        the date of the completion of the review 
                        required by paragraph (1) of such subsection; 
                        or
                            (ii) if revision of such regulations is 
                        required by paragraph (2) of such subsection, 
                        the date on which the Commission issues the 
                        revised regulations.
            (2) Subsequent investigations.--From time to time after the 
        date that is 18 months after the date described in paragraph 
        (1)(B), the Commission shall complete an investigation of each 
        covered consumer reporting agency and each covered service 
        provider to determine whether such agency or provider is in 
        compliance with the regulations issued by the Commission under 
        section 501 of the Gramm-Leach-Bliley Act (15 U.S.C. 6801).

SEC. 3. ENFORCEMENT BY FEDERAL TRADE COMMISSION.

    (a) Unfair or Deceptive Acts or Practices.--A violation of a 
regulation issued by the Commission under section 501 of the Gramm-
Leach-Bliley Act (15 U.S.C. 6801) by a covered consumer reporting 
agency or a covered service provider shall be treated as a violation of 
a rule under section 18(a)(1)(B) of the Federal Trade Commission Act 
(15 U.S.C. 57a(a)(1)(B)) regarding unfair or deceptive acts or 
practices.
    (b) Powers of Commission.--The Commission shall enforce, with 
respect to covered consumer reporting agencies and covered service 
providers, the regulations issued by the Commission under section 501 
of the Gramm-Leach-Bliley Act (15 U.S.C. 6801) in the same manner, by 
the same means, and with the same jurisdiction, powers, and duties as 
though all applicable terms and provisions of the Federal Trade 
Commission Act (15 U.S.C. 41 et seq.) were incorporated into and made a 
part of such section. Any covered consumer reporting agency or covered 
service provider that violates such a regulation shall be subject to 
the penalties and entitled to the privileges and immunities provided in 
the Federal Trade Commission Act.

SEC. 4. ENFORCEMENT BY STATE ATTORNEYS GENERAL.

    (a) In General.--In any case in which the attorney general of a 
State, or an official or agency of a State, has reason to believe that 
an interest of the residents of such State has been or is threatened or 
adversely affected by an act or practice by a covered consumer 
reporting agency or covered service provider in violation of a 
regulation issued by the Commission under section 501 of the Gramm-
Leach-Bliley Act (15 U.S.C. 6801), the State, as parens patriae, may 
bring a civil action on behalf of the residents of the State in an 
appropriate district court of the United States to--
            (1) enjoin such act or practice;
            (2) enforce compliance with such regulation;
            (3) obtain damages, restitution, or other compensation on 
        behalf of residents of the State; or
            (4) obtain such other legal and equitable relief as the 
        court may consider to be appropriate.
    (b) Notice.--Before filing an action under this section, the 
attorney general, official, or agency of the State involved shall 
provide to the Commission a written notice of such action and a copy of 
the complaint for such action. If the attorney general, official, or 
agency determines that it is not feasible to provide the notice 
described in this subsection before the filing of the action, the 
attorney general, official, or agency shall provide written notice of 
the action and a copy of the complaint to the Commission immediately 
upon the filing of the action.
    (c) Authority of Commission.--
            (1) In general.--On receiving notice under subsection (b) 
        of an action under this section, the Commission shall have the 
        right--
                    (A) to intervene in the action;
                    (B) upon so intervening, to be heard on all matters 
                arising therein; and
                    (C) to file petitions for appeal.
            (2) Limitation on state action while federal action is 
        pending.--If the Commission or the Attorney General of the 
        United States has instituted a civil action for violation of a 
        regulation issued by the Commission under section 501 of the 
        Gramm-Leach-Bliley Act (15 U.S.C. 6801) by a covered consumer 
        reporting agency or covered service provider (referred to in 
        this paragraph as the ``Federal action''), no State attorney 
        general, official, or agency may bring an action under this 
        section during the pendency of the Federal action against any 
        defendant named in the complaint in the Federal action for any 
        violation of such regulation alleged in such complaint.
    (d) Rule of Construction.--For purposes of bringing a civil action 
under this section, nothing in this Act shall be construed to prevent 
an attorney general, official, or agency of a State from exercising the 
powers conferred on the attorney general, official, or agency by the 
laws of such State to conduct investigations, administer oaths and 
affirmations, or compel the attendance of witnesses or the production 
of documentary and other evidence.

SEC. 5. DEFINITIONS.

    In this Act:
            (1) Commission.--The term ``Commission'' means the Federal 
        Trade Commission.
            (2) Covered consumer reporting agency.--The term ``covered 
        consumer reporting agency'' means a consumer reporting agency 
        that compiles and maintains files on consumers on a nationwide 
        basis (as defined in section 603(p) of the Fair Credit 
        Reporting Act (15 U.S.C. 1681a(p))).
            (3) Covered service provider.--The term ``covered service 
        provider'' means any person or entity that is a service 
        provider (as defined in section 314.2 of title 16, Code of 
        Federal Regulations) through provision of services to a covered 
        consumer reporting agency.
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