Consumer Notification and Financial Data Protection Act of 2005

Summary

Consumer Notification and Financial Data Protection Act of 2005 - Declares that each financial institution has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial personal information against any unauthorized use that is reasonably likely to result in harm or substantial inconvenience to such consumer. Prescribes procedural guidelines, including: (1) investigation and notice procedures to alert regulators, law enforcement officials, and consumers in case of data security breaches; (2) mitigation procedures that offer free nationwide file monitoring for affected consumers; and (3) a safe harbor from liability for a financial institution in compliance with this Act. Directs the Federal Trade Commission to promulgate regulations requiring a financial institution which maintains or possesses sensitive financial personal information for a business purpose to dispose of it so that it cannot practicably be read or reconstructed. Preempts comparable state law.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 July 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 July 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 July 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.