House Subcommittee Continues Conversation on Data Security


10/30/2017 2:00:00 PM

Upcoming hearing is part of ongoing critique of data security regulations and changes that need to be made in the wake of the Equifax data breach.

NewsAdvocacy

Weakness and shortcomings associated with data security have made headlines in the weeks following Equifax’s admission that its breach potentially impacted the personal information of nearly one-third of U.S. consumers.  

In Washington, the House Financial Services Financial Institutions and Consumer Credit Subcommittee will take up the topic Wednesday in the hearing titled “Data Security: Vulnerabilities and Opportunities for Improvement.”

“Data security standards remain a subject of considerable debate in the financial services sector, with specific concern focused on the patchwork of state data breach notification laws and which parties should bear the cost and liability associated with breaches,” according to a memorandum from the subcommittee, chaired by U.S. Rep. Blaine Luetkemeyer, R-Mo. “Congress must thoroughly examine data security vulnerabilities and the shortcomings of the existing federal and state regulatory regimes to identify any gaps in data security regulation and highlight opportunities for reform,” it states.

Witnesses scheduled to testify in the hearing include:

  • Kenneth Bentsen, Jr., president and CEO, Securities Industry and Financial Markets Association;
  • Daniel Mennenoh ITP NTP, president, H.B. Wilkinson Title Company, on behalf of the American Land Title Association; and
  • Debra Schwartz, president and CEO, Mission Federal Credit Union, on behalf of the National Association of Federally-Insured Credit Unions.

Through the hearing, Congress will continue to review data security issues in existing federal and state regulatory systems to identify any gaps in data security regulation as well as opportunities for reform, according to the memorandum.

ACA International will offer up-to-date information and critical tips on data security policies and procedures in the upcoming CORE: Data Security and Privacy seminar Dec. 12-13. Jessica Skibbe, vice president and chief compliance officer of KirkpatrickPrice, will lead the seminar and offer tips on how to notify consumers in the event of a data security breach and developing essential safeguards.

Wednesday’s hearing will be aired live on the House Financial Services Committee’s website and ACA International will provide necessary updates for the industry.

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