WASHINGTON - (07/26/05) -- The Senate will take a first crackat addressing the recent rash of online security theft when itsCommittee on Commerce votes Thursday on a bill that would reqireconsumer notification in the case of data breaches, and allowconsumers to put an immediate freeze on their credit reports ifthey believe their personal financial information may be used toaccess their finances. Consumers would be allowed to lift the'credit freeze' in advance of applying for new credit. The billwould also require credit unions, banks and all other users ofsensitive personal information, including third-party processors,to notify all affected consumers if their information is lost orbreached and there is a risk it will be used for identity theft.The Senate vote comes as lawmakers are increasingly grappling withgrowing incidents of online data theft, including this spring'stheft of data on millions of accounts processd by cards processorCardSystems Solutions. At least a half-dozen bills have beneintroduced in Congress to deal with the threat, most of themrequiring consumer notification. The bill would preempt all statelaws on these issues, in order to create a uniform nationalstandard.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26