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ICBA Supports Congressional Efforts on Data Security

Community Banks Are Strong Guardians of Customers' Information

Washington, D.C. (May 2, 2007)—The Independent Community Bankers of America (ICBA) is encouraged by congressional efforts to protect consumers' personal and financial data, especially the recent introduction of legislation in the Senate Banking Committee by Senators Thomas Carper (D-Del.) and Robert Bennett (R-Utah).

"There are a number of bills currently before Congress that will complement efforts by community banks and others in financial services to keep customer data secure," said Camden Fine, ICBA president and CEO. "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."

Good business practices and current rules under the Gramm-Leach-Bliley Act (GLBA) ensure banks create a secure environment for customer data, while maintaining their ability to serve customers. Other entities, such as data brokers and retailers, who use, maintain or process sensitive customer information should be subject to GLBA-like rules and enforcement.

ICBA is pleased that the legislation introduced by Sens. Carper and Bennett recognizes the existing regulatory framework for data security and standards for breach notification that community banks must comply with under GLBA and extends it to other industries. We look forward to working with Congress as legislation moves forward to ensure it strikes a balance between maintaining the security of personal financial information while not adding unnecessary additional regulatory burden.

For additional information about community bank efforts on data security visits www.icba.org.