Wednesday, June 29, 2005

Feds Lag On ID Theft Notification

CBS News Says Federal Lawmakers are Lagging On ID Theft Notification Rules 'Hardly a week goes by without startling new examples of breaches of sensitive personal data reminding us how important it is to pass a comprehensive identity theft prevention bill in Congress quickly. Consumers' personal and financial data has become the gold of the 21st century and we need to protect it accordingly,' said Sen. Charles Schumer, D- N.Y.

Schumer has introduced legislation on identity theft with Sen. Bill Nelson, D-Fla. His comments came last week after the credit-card breach was made public.

But to date no bill has reached the mark-up stage, which means that with Congress about to leave for its summer recess, it will be the fall, and maybe well after that, before any measure advances.

Such legislation may only be passed if Washington lawmakers can stand up to pressures coming from the financial services industry.

While many groups in that sector say they support rule changes, they are pushing to keep some control over what circumstances would trigger a notification requirement. They say there is a risk of flooding consumers with warnings, making them numb to the most serious threats."

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posted by RealitySEO at 11:39 AM


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