3.0.0 2169 2023-01-13T04:49:17Z 2023-01-13T04:49:17Z Senate S S 2005-12-21 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-12-22T03:03:53Z Data Accountability and Trust Act (DATA) 109 3997 HR 2006-06-02 Placed on the Union Calendar, Calendar No. 269. Identical bill CRS Financial Data Protection Act of 2006 109 4127 HR 2006-06-08 Sponsor introductory remarks on measure. (CR H3502) Identical bill CRS 2005-12-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2005-12-21 Introduced in Senate IntroReferral 10000 9 Library of Congress C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. N M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2005-12-21 True Finance and Financial Sector Administrative procedure Bank accounts Bank records Business records Commerce Computer security measures Confidential communications Congress Congressional reporting requirements Consumer credit Consumer education Consumer protection Crime and Law Enforcement Criminal investigation Data banks Department of the Treasury Federal Reserve System Federal Trade Commission Federal preemption Financial institutions Financial statements Fraud Government Operations and Politics Government paperwork Governmental investigations Identification devices Identity theft Independent regulatory commissions Law Liability (Law) Science, Technology, Communications Security measures Standards State laws Victims of crimes Finance and Financial Sector 00 2005-12-21 Introduced in Senate 2006-02-27T19:37:17Z Financial Data Protection Act of 2005 - Amends the Fair Credit Reporting Act to prescribe safeguards for data security.

Declares that each consumer reporter shall have an affirmative obligation to implement policies and procedures to protect the security and confidentiality of any consumer's sensitive financial personal information maintained, serviced, or communicated by or on the reporter's behalf against any unauthorized use reasonably likely to result in substantial harm or inconvenience to the consumer.

Defines "consumer reporter" as any consumer reporting agency, financial institution, or person: (1) which, for monetary fees, dues, on a cooperative nonprofit basis, or otherwise regularly engages in the practice of assembling or evaluating consumer information for the purpose of furnishing consumer reports to third parties, of providing or collecting payment for or marketing products and services, or for employment purposes; and (2) which uses any means or facility of interstate commerce for such purposes.

Prescribes implementation guidelines that include: (1) investigation requirements; (2) investigation notices and system restoration requirements; (3) third party duties; (4) consumer notice; (5) financial fraud mitigation; and (6) free file monitoring.

Directs the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission jointly to develop implementing standards and guidelines.

]]> Financial Data Protection Act of 2005 Display Title Financial Data Protection Act of 2005 Official Title as Introduced A bill to amend the Fair Credit Reporting Act to provide for secure financial data, and for other purposes. Introduced in Senate IS Short Titles as Introduced Financial Data Protection Act of 2005 Introduced in Senate 2005-12-21T05:00:00Z 2005-12-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.