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Washington
Trio of data security bills pass out of Senate committee
WASHINGTON (9/26/11)--S. 1151, the Personal Data Privacy and Security Act, S. 1408, the Data Breach Notification Act, and S. 1535, the Personal Data Protection and Breach Accountability Act, are likely moving on for consideration in the full Senate after they were passed out of the Senate Judiciary Committee late last week. All three bills passed on separate 10 to 8 votes. S. 1151 would establish national standards for data security and data breach notification, and S. 1408 would establish a data breach notification standard similar to the requirements of S. 1151. S. 1535 addresses many of the same concerns. An amendment that would exempt credit unions and other financial institutions that are in compliance with Gramm-Leach-Bliley notification requirements from portions of S. 1151 that address data breach notification was successfully added to the bill before it moved out of committee. The Credit Union National Association (CUNA) in a letter sent earlier this month warned judiciary panel leaders that S. 1151, and a similar pending bill S. 1408, could create an unnecessary duplicative regulatory burden for credit unions. CUNA in the letter also noted the role credit unions take in protecting their members' personal financial information, saying that "credit unions often absorb not only the actual costs, but also the reputational costs, associated with data breaches caused by merchants and other entities, notifying the member that a breach has occurred, canceling and reissuing debit and credit cards exposed during the breach, and monitoring accounts for fraudulent activity that may have occurred as a result of the breach."


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