Lobbying groups for banks and credit unions, including the American Bankers Association and Financial Services Roundtable, argue that they are already required to follow rigorous data protection and breach notification practices. Advocates point to guidance from the Federal Deposit Insurance Corp., which instructs financial institutions to notify customers when their personal information has been illegitimately obtained and could be misused. "Banks are required to maintain highly secure systems, while other sectors have no federal standards," Jess Sharp, senior vice president for the American Bankers Association, said in a statement. "It’s like delivering water through a pipe but saying it’s acceptable for some sections to leak. Those weak spots are where consumers get hurt.”
This article was provided by Bloomberg News.