S. 2169 (109th): Financial Data Protection Act of 2005

Introduced:
Dec 21, 2005 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee)
Sponsor
Thomas Carper
Senator from Delaware
Party
Democrat
Text
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Last Updated
Dec 21, 2005
Length
39 pages
Related Bills
H.R. 4127 (identical)

Reported by Committee
Last Action: Mar 29, 2006

H.R. 3997 (identical)

Reported by Committee
Last Action: Mar 16, 2006

 
Status

This bill was introduced on December 21, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 21, 2005
Referred to Committee Dec 21, 2005
 
Full Title

A bill to amend the Fair Credit Reporting Act to provide for secure financial data, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


12/21/2005--Introduced.
Financial Data Protection Act of 2005 - Amends the Fair Credit Reporting Act to prescribe safeguards for data security.
Declares that each consumer reporter shall have an affirmative obligation to implement policies and procedures to protect the security and confidentiality of any consumer's sensitive financial personal information maintained, serviced, or communicated by or on the reporter's behalf against any unauthorized use reasonably likely to result in substantial harm or inconvenience to the consumer.
Defines "consumer reporter" as any consumer reporting agency, financial institution, or person:
(1) which, for monetary fees, dues, on a cooperative nonprofit basis, or otherwise regularly engages in the practice of assembling or evaluating consumer information for the purpose of furnishing consumer reports to third parties, of providing or collecting payment for or marketing products and services, or for employment purposes; and
(2) which uses any means or facility of interstate commerce for such purposes.
Prescribes implementation guidelines that include: (1) investigation requirements; (2) investigation notices and system restoration requirements; (3) third party duties; (4) consumer notice; (5) financial fraud mitigation; and (6) free file monitoring.
Directs the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission jointly to develop implementing standards and guidelines.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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