House Financial Services Committee Approves Data Security Legislation
The House Financial Services Committee (HFSC) voted 46-9 to approve HR 2205, the Data Security Act of 2015. HFSC now will now have to work with the House Commerce Committee to resolve differences -- such as covered entities, definition of a breach and data protection standards -- with a similar bill (HR-1770) that's being discussed there before legislation can be brought to the House floor.
NAR expressed concerns with the potential burden of the bill’s data protection standards, expansion of FTC authority and the potential that telecom carriers may have the ability to shift their liability any breach they experience onto businesses using their services. NAR will continue to work with congressional staff to address these concerns.