The U.S. House Financial Services Committee passed the Consumer Information Notification Requirement Act, which will require financial institutions to alert consumers when their information is compromised in a data breach. “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,” said Subcommittee on Financial Institutions and Consumer Credit Chairman Rep. Blaine Luetkemeyer, R-Mo., who sponsored the bill. “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.”
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