House representatives last week introduced legislation that would safeguard sensitive consumer information, fight identity theft and create a uniform standard for notifying consumers of data breaches. The Financial Data Protection Act of 2005 would: mandate a national standard for the protection of sensitive consumer information; require institutions to notify consumers that their information has been compromised and could be used by identity thieves; and require institutions to provide consumers with a free six-month nationwide credit monitoring service upon notification of a breach. Financial data protection has become a hot-button issue in the wake of consumer data breaches at major data companies ChoicePoint and LexisNexis, as well as major lending institutions. With more and more ...
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