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ICBA Applauds House Data Security Bill

Washington, D.C. (Oct. 7, 2005) - The Independent Community Bankers of America (ICBA) praised Chairman Michael Oxley, (R-Ohio) and members of the House Financial Services Committee for introducing new data security legislation, the Financial Data Protection Act of 2005. The legislation would subject nonbanks who own, maintain, or process sensitive customer information to new regulation and oversight.

"All entities touching sensitive customer information should be required to take the appropriate steps to protect this information," said Camden R. Fine, ICBA president and CEO. "Community banks are strong guardians of the security and confidentiality of their customers' information and safeguarding that information is essential to maintaining their customers' trust."

"The Gramm-Leach-Bliley Act already requires banks to have security measures in place to protect customer data, but this bill extends these requirements to nonbanks shoring up the weakest link," added Fine. "We applaud the Committee's willingness to include ICBA's recommendations in its legislation for banks to receive specific and timely notification whenever customer information has been compromised and look forward to working with Congress as this legislation moves forward."