3.0.0 3375 2019-11-15T20:53:42Z 2019-11-15T20:53:42Z House H HR 2005-07-21 109 hsba00 Financial Services Committee House Standing Referred to 2005-07-21T14:00:20Z 2005-07-21 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2005-07-21 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-07-21 Introduced in House IntroReferral 1000 9 Library of Congress P000555 Rep. Pryce, Deborah [R-OH-15] DEBORAH PRYCE R OH 15 N C000243 Rep. Castle, Michael N. [R-DE-At Large] MICHAEL CASTLE R DE N. 0 2005-07-21 True M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 2005-07-21 True S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2005-12-13 False Finance and Financial Sector Administrative procedure Bank accounts Bank records Commerce Computer crimes Computer security measures Confidential communications Consumer credit Consumer education Consumer protection Contractors Crime and Law Enforcement Criminal investigation Criminal justice information Data banks Department of the Treasury Federal Deposit Insurance Corporation Federal Reserve System Federal Trade Commission Federal preemption Financial institutions Financial services Fraud Government Operations and Politics Government corporations Government paperwork Identification devices Identity theft Independent regulatory commissions Law Liability (Law) National Credit Union Administration Science, Technology, Communications Securities and Exchange Commission Security measures Social Welfare Social security numbers State laws Victims of crimes Finance and Financial Sector 00 2005-07-21 Introduced in House 2005-10-03T21:25:44Z Financial Data Security Act of 2005 - Amends the Fair Credit Reporting Act to declare that each consumer reporting agency, reporting broker, or reporting collector (consumer reporter) has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial account and identity information against any unauthorized use that is reasonably likely to result in substantial inconvenience or substantial harm to such consumer.

Prescribes data security safeguards that include: (1) investigations to protect against identity theft and fraudulent transactions; (2) notification alerts to law enforcement agencies, functional regulatory agencies, and affected consumers; (3) investigation and notice requirements for third party agreements; and (4) financial fraud mitigation procedures that offer free file monitoring service for affected consumers.

Requires the Secretary of the Treasury (Secretary), the Board of Governors of the Federal Reserve System (Board), and the Federal Trade Commission (FTC) jointly to prescribe regulations that shield a consumer reporter from liability under state common law for loss or harm to the consumer subsequent to such reporter's offer of the free file monitoring service.

Cites conditions under which persons in compliance with the Gramm-Leach Bliley Act governing disclosure of nonpublic personal financial information shall be deemed to be in compliance with this Act.

Prescribes guidelines for joint promulgation of uniform security regulations by the Secretary, the Board, and the FTC.

Preempts state law with respect to the data security safeguards and financial fraud mitigation prescribed by this Act.

]]> Financial Data Security Act of 2005 Short Titles as Introduced Financial Data Security Act of 2005 Display Title Financial Data Security Act of 2005 Official Title as Introduced To amend the Fair Credit Reporting Act to provide for secure financial data, and for other purposes. Introduced in House 2005-07-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr3375ih/xml/BILLS-109hr3375ih.xml 2005-07-21 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.