Category Archives: banking

Lege trend. Increasing Consumer Protections in a Post-Equifax World.

A Rhode Island legislator wants companies that have had a data breach to:

  • notify the state and consumers in a “reasonable promptness”, quicker than the current 45 days
  • Increase the penalty from $100 to $150,000 per breach

WPRI | Lawmaker proposes law to protect victims of data breaches

Rhode Island HB 7387 (2018) 

Equifax Fix TREND. The different route a Plains State Takes. 3 Key Points from the Bill.

Nebraska Legislature is considering LB 757  that will:

  • Applies data security requires people and businesses that owns, licenses or maintains data of Nebraska residents
  • Requires a data security standard of “reasonable security procedures and practices:
  • Ties the state legislation to  Gramm-Leach-Bliley Act or the Health Insurance Portability and Accountability Act of 1996 

How does this differ from other state approaches?

  • Other states have focused on free credit freezes and free credit report…

Regulatory TREND. Imposing Data Security on Credit Reporting Agencies. Read the new Rules from NY

New York’s new rules on credit reporting agencies will do these 4 things:

  • Require consumer credit-reporting agencies to identify “dedicated points of contact” for New York’s Division of Consumer Protection
    • WHY? Ensure consumers can promptly get answers 
  • Mandate that credit-reporting agencies respond “within 10 days” to any requests for information made on behalf of consumers by the Division of Consumer Protection
  • Credit reporting agencies must “plainly disclose” to consumers all fees…

Hawkeye Attorney General Reviewing State Cyber Security Policies and Laws as Part of Equifax Response.

The Iowa Attorney General is reviewing the state’s cyber security protocols to do 3 things:

  • identify shortfalls in current legal requirements for those who store personal information
  • look to enhance consumer protections
  • seek to lessen the burden on consumers who’ve been victimized by data breaches
    • Such as “scrutinizing the fees that credit reporting agencies are allowed to charge Iowans for freezing and unfreezing credit reports — particularly data breach victims,”

Des Moines…

12 TEXAS INTERIM CHARGES. DATA SECURITY. 1 Select Committee.

House Committee on Appropriations 

#5  Trends in data security & cost savings Monitor the ongoing implementation of Article IX, Sec. 9.13 of the General Appropriations Act and determine if state agencies are realizing cost savings and/or security enhancements in state operations related to cybersecurity, information technology, and cloud computing. Study trends in cloud computing and IT delivery services, and identify whether additional cost efficiencies, economies of scale, or IT…

Full List of Equifax Filed Legislation.

Federal:

States:

  • New York SB 6879
    • ​require credit reporting agencies to automatically place a freeze on consumer credit files
  • ​New York SB 6880
    • require businesses to disclose breaches within 15 days of discovery
  •  Illinois (HB 4095 and SB 2230)  & Michigan (HB 5055)
    •  as well as measures providing for free credit freezes

+1 State Lege. Equifax State Legislative Fix. 4 Key Points + Bill Roll Out Info

The State: Kentucky

The proposed legislation would require companies responsible for a data breach to provide impacted Kentuckians:

  • access to a free credit freeze
  • 3 free credit reports each year from each of the major credit reporting agencies
  • 5 years of credit monitoring
  • Require all credit reports be encrypted.

How was the bill proposal announced? The State Attorney General Andy Beshear and the bill’s author, State Senator McGarvey, at AARP Kentucky’s Louisville headquarters

Insider…

State Regulator Subpoenas Company After Data Breach. What your Clients Need to Know.

The State:  New York

The regulator:  New York’s Department of Financial Services

The Subpoena: Seeks more information about Equifax’s data breach, including:

  • details on when Equifax learned of the breach
  • details on what actions Equifax took after the breach was discovered

More regulatory enforcement in the works? Yes, New York also wants to impose the financial data security rules it finalized this year to apply to credit reporting agencies like Equifax.

What does this mean for other…

Lege Trend. New State Laws Protecting Consumer Info. Post- Equifax Hack

2 Attorneys General (MA and NY) are suing, or my soon sue, Equifax for violating state consumer laws.

This sparked legislation to require credit reporting agencies to have the same scrutiny as banks, hospitals and others that handle confidential consumer data.

CBS This Morning | Mass. attorney general to sue Equifax for violating state consumer protection laws

WGBH | Mass. AG Maura Healey Will Sue Equifax Over Data Breach