ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 6743, Consumer Information Notification Requirement Act   [open pdf - 90KB]

"H.R. 6743 would require several federal agencies to establish standards regarding how financial institutions provide notifications of a data breach to customers. Under the bill, State insurance authorities would be required to enforce those standards. Under the bill, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Federal Reserve, the Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC) would be required to create or update their standards for notifying people about a data breach. Using information from several of those affected agencies, CBO [Congressional Budget Office] estimates that the costs to implement the bill would not be significant for any agency."

Publisher:
Date:
2018-12-20
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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