A bill to require financial services providers to maintain customer information security systems and to notify customers of unauthorized access to personal information, and for other purposes.
Financial Privacy Protection Act of 2005 - Amends the Gramm-Leach-Bliley Act to require each financial institution to develop and maintain a security system designed to prevent any breach with respect to its customer information.
Prescribes guidelines for: (1) federal functional regulators to issue regulations governing a customer information security system; and (2) financial institutions to notify customers of unauthorized access to customer information.
Provides for: (1) civil action for damages by a customer adversely affected by a violation of this Act; (2) injunctions against a financial institution in violation or potential violation of this Act; and (3) civil enforcement actions by state Attorneys General.
Amends the Fair Credit Reporting Act to: (1) require a consumer reporting agency to trigger a fraud alert in a consumer file upon notification by a consumer of a data security breach or suspected breach under this Act; and (2) prohibit the user of a consumer report to take any adverse action with respect to a consumer based solely on the inclusion of a fraud alert, extended alert, or active duty alert in the file of that consumer.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9515)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9515-9517)
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