Today the House Financial Services Committee passed H.R. 6743, the Consumer Information Notification Requirement Act. The legislation, sponsored by Subcommittee on Financial Institutions and Consumer Credit Chairman Blaine Luetkemeyer (MO-03), will institute a new statutory requirement that all financial institutions notify consumers in the event of a breach involving their personal information. Chairman Luetkemeyer released the following statement:

“Nearly every week we discover new data breaches exposing the personal information of American consumers and today was our opportunity to take action to protect them. I’m disappointed that my friends on the other side of the aisle did not join committee Republicans to elevate the conversation surrounding data security and vote to institute new statutory requirements for all financial firms,” said Chairman Luetkemeyer. “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. At some point there will be another major breach, and without a comprehensive solution our constituents will pay the price for our inaction.” 

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