Critics Call House Bill A Step In Erosion Of Consumer Laws
Edward Epstein reports for the San Francisco Chronicle on legislation pending in the House that would mandate certain uniform national standards for consumer notifications in the event of breaches of personal financial data, thereby pre-empting various state laws that are in effect dealing with notification requirements.
When his House Financial Services Committee held a hearing on the data security breach problem, the panel's chairman, Rep Michael Oxley, R-Ohio, took note of what was then California's new law on the issue. California mandated the notification of all consumers whose financial information has been accessed by unauthorized people, whether that accessing has caused a problem or not.The House Committee late last week issued a press release on the bill titled H.R. 3997, the Financial Data Protection Act.Commenting that other states were considering similar laws, Oxley said, "It is important that this committee take a look at what is being contemplated in the states and consider whether a national breach notification standard would work best for American consumers.''
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