WASHINGTON—In testimony today before the House Financial Services Committee, the Financial Services Roundtable (FSR) called on Congress to enact a strong set of national data security standards to better protect consumers and their sensitive financial information.
“FSR strongly believes Congress needs to act to require firms of all shapes and sizes that handle sensitive information to protect the data, and it should do so by creating a robust, yet flexible and scalable, data security framework,” testified Jason Kratovil, FSR’s Vice President of Government Affairs. “The entire financial services industry – from the leading members of FSR to the thousands of community banks and credit unions in this country – are united in our goal to protect consumers and prevent data breaches.”
The financial industry is leading the economy in security and security-related innovation. While Congress has imposed specific data protection obligations on the industry, FSR supports bipartisan draft legislation sponsored by Reps. Luetkemeyer (R-MO) and Maloney (D-NY) that ensures all companies across the economy are:
- Required to protect sensitive personal and financial data with a strong but flexible and scalable data security framework
- Require timely notification to consumers that are at risk of identity theft or fraud when a breach occurs
- Ensure compliance through appropriate Federal and State oversight, while recognizing existing federal obligations – including GLBA; and eliminate overlapping and inconsistent state laws.
To read FSR’s full testimony, click here.