Financial Data Security Act of 2005
Latest action. Referred to the House Committee on Financial Services.
Financial Data Security Act of 2005 - Amends the Fair Credit Reporting Act to declare that each consumer reporting agency, reporting broker, or reporting collector (consumer reporter) has an obligation to maintain reasonable policies and procedures to protect the security and confidentiality of a consumer's sensitive financial account and identity information against any unauthorized use that is reasonably likely to result in substantial inconvenience or substantial harm to such consumer.
Prescribes data security safeguards that include: (1) investigations to protect against identity theft and fraudulent transactions; (2) notification alerts to law enforcement agencies, functional regulatory agencies, and affected consumers; (3) investigation and notice requirements for third party agreements; and (4) financial fraud mitigation procedures that offer free file monitoring service for affected consumers.
Requires the Secretary of the Treasury (Secretary), the Board of Governors of the Federal Reserve System (Board), and the Federal Trade Commission (FTC) jointly to prescribe regulations that shield a consumer reporter from liability under state common law for loss or harm to the consumer subsequent to such reporter's offer of the free file monitoring service.
Cites conditions under which persons in compliance with the Gramm-Leach Bliley Act governing disclosure of nonpublic personal financial information shall be deemed to be in compliance with this Act.
Prescribes guidelines for joint promulgation of uniform security regulations by the Secretary, the Board, and the FTC.
Preempts state law with respect to the data security safeguards and financial fraud mitigation prescribed by this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 21, 2005. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 21, 2005: Referred to the House Committee on Financial Services.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
DEBORAH PRYCE (R-OH) introduced it on July 21, 2005, and 3 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 21, 2005, 7721 days ago. The most recent recorded action was 7721 days ago, on July 21, 2005.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers