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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
1/15/2014--Introduced. Data Security Act of 2014 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer.
Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions.
Denies a private right of action, including a class action, regarding any act or practice regulated under this Act.
Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act.
Prescribes data security standards to be implemented by federal agencies.
Preempts state law with respect to the responsibilities of any person to protect against and investigate such data security breaches and mitigate any losses or harm resulting from them.