A bill recently introduced by the House Financial Services Committee would amend the Gramm-Leach-Bliley Act (GLBA) to include a national breach notification law for the financial industry that would supersede the multitude of state laws.
“It is going to take better cooperation from all my colleagues and the industries that handle consumer data in order to advance additional meaningful changes,” the author of the bill, Rep. Blaine Luetkemeyer, R-Mo., said in a statement. “At some point, there will be another major breach, and without a comprehensive solution our constituents will pay the price for our inaction.”
The bill drew praise from industry groups like the American Bankers Association (ABA), which joined forces to pen a letter to the committee the day before the vote.
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