Consumer Information Notification Requirement Act

Bill: 117-hr-9588
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2022-12-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-12-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-12-15
action_desc: Introduced in House
text: <p><b>Consumer Information Notification Requirement Act</b></p> <p>This bill requires federal financial regulators to set forth rules regarding data breaches. Specifically, these rules must require financial institutions, banks, and other specified entities to notify customers of breaches likely to result in identity theft, fraud, or economic loss. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 9588 IN THE HOUSE OF REPRESENTATIVES December 15, 2022 Mr. Luetkemeyer (for himself, Mr. Hill , Mr. Timmons , Mr. Williams of Texas , Mr. Gooden of Texas , Mr. Lucas , and Mr. Davidson ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Gramm-Leach-Bliley Act to provide a national standard for financial institution data security and breach notification on behalf of all consumers, and for other purposes.

1. Short title This Act may be cited as the Consumer Information Notification Requirement Act . 2. Breach notification standards Section 501 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 ) is amended— (1) in subsection (b)(3) by striking the period at the end and inserting , including through the provision of a breach notice in the event of unauthorized access that is reasonably likely to result in identity theft, fraud, or economic loss. ; and (2) by adding at the end the following: (c) Standards with respect to breach notification Subject to section 504(a)(2) and sections 505(b) and 505(c), within 6 months after the date of enactment of this subsection, each agency or authority required to establish standards described under subsection (b)(3) with respect to the provision of a breach notice shall ensure that such standards are in compliance with subsection (b). . 3. Preemption with respect to financial institution safeguards Section 507 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6807 ) is amended to read as follows: 507. Relation to State laws This subtitle preempts any law, rule, regulation, requirement, standard, or other provision having the force and effect of law of any State, or political subdivision of a State, with respect to a financial institution (other than a financial institution engaged in providing insurance) or affiliate thereof securing personal information from unauthorized access or acquisition, including notification of unauthorized access or acquisition of data. .