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ICBA Statement on Proposed Data Security Legislation

Washington, D.C. (March 29, 2006)—The Independent Community Bankers of America (ICBA) issued the following statement on the Data Accountability and Trust Act, H.R. 4127, marked up by the House Energy and Commerce Committee today:

ICBA is encouraged by the House Energy and Commerce Committee's efforts to protect consumers' personally identifiable information. We are concerned, however, that H.R. 4127 creates a new layer of duplicative regulatory burden by making the Federal Trade Commission (FTC) a super-regulator for data security. Current rules under the Gramm-Leach-Bliley Act (GLBA) ensure banks create a secure environment for customer data, while maintaining their ability to service customers. Community banks are strong guardians of the security and confidentiality of their customers' information. Safeguarding that information is essential to maintaining the trust of community bank customers.

ICBA also commends Rep. Vito Fossella (R-N.Y.) for introducing an ICBA-backed measure that supports efforts by banks, including community banks, to safeguard personal consumer information while eliminating duplicative regulations. Rep. Fossella's amendment would keep the existing bank regulatory framework in place.