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In a speech to the Federal Trade Commission on Monday, January 12, President Obama unveiled new proposals to address how consumers’ personal data is handled. Among his proposals included “The Personal Data Notification & Protection Act” which clarifies and strengthens the obligations businesses have to notify customers when their personal information has been exposed including establishing a 30-day notification requirement from the discovery of a breach President Obama also highlighted the actions of Bank of America and JPMorganChase, who have joined a growing list of firms making credit scores available for free to their consumer card customers.
Additional proposals announced at the event included a “Consumer Privacy Bill of Rights” to give people more control over their data President Obama is expected to discuss these proposals further in his State of the Union address on January 20.
NAR supports a single Federal standard for data breach notification and will work to see that any legislation enacted is narrowly tailored to protect small businesses from undue compliance burdens.