The U.S. Senate Banking Committee has sought feedback on potential data-collection and security standards for financial institutions, The Hill reports. The committee aims to find the best ways to give consumers more control over personally identifiable information gathered by financial organizations, particularly after the Equifax data breach. Leaders for the banking committee also call for improved data breach disclosure rules and standards to ensure data collected by credit agencies is accurate. “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a digital economy, and whether certain data brokers and other firms serve a function similar to the original consumer reporting agencies,” Banking Committee Chairman Sen. Mike Crapo, R-Idaho., said in a statement.
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