Data Security Bill Doubtful This Year

WASHINGTON – Chances for passage of data security legislation continue to fade away for this year as the House Financial Services Committee, the main focal point for the initiative, isn’t expected to introduce its own bill until later this fall. That makes passage of a bill very unlikely this year because there are as many as a dozen other bills that have been introduced in more than six congressional committees dealing with the issue and all of the bills would have to be pulled together into a single measure. The Financial Services Committee, which has set data security as one of its top priorities, has delayed introduction of its bill while it deals with a number of other priorities, including reform of the secondary mortgage market, subprime mortgage lending, and terrorism insurance, among others, a committee source told The Credit Union Journal.