NCISS News Alert: House Passes Financial Regulation Bill, 223 to
202
Colleagues,
This has been a busy week for legislators and members of the
NCISS Legislative Committee. The week started with our
participation in the FTC's Privacy Roundtable in DC followed by
several important congressional votes.
Consumer Financial Services Protection Agency
By a margin of 223-202, the House of Representatives passed HR
4173, the legislation to overhaul financial services regulation.
The measure includes provisions to create the Consumer Financial
Services Protection Agency. As expected, an amendment to gut the
agency by Representative Walt Minnick (D-ID) failed on a vote of
223-208. The bill now moves to the Senate, where Banking
Committee Chairman Chris Dodd (D-CT) is attempting to work with
Republicans on his committee to forge a compromise. The Senate
process is expected to be long and difficult.
NCISS has been focused on jurisdictional issues relating to the
Federal Trade Commission, which currently has jurisdiction over
the Fair Credit Reporting Act. The original proposal from
President Obama, and in earlier proposals by Chairman Barney
Frank (D-MA), all the jurisdiction would move to the new agency.
However, as amended, enforcement actions affecting consumer
reporting agencies will remain with the FTC. Unfortunately, the
new agency would have the ability to create new rules that could
affect investigators.
Data Accountability and Trust Act
This week also included legislation approved by the U.S. House
of Representatives that requires data brokers to be subject to
security audits and would establish specific procedures to
verify the accuracy of information that identifies individuals
in their databases. Consumers may seek verification of personal
data held by the data brokers at least one time per year at no
cost. The data brokers must also post a notice on their websites
providing detailed information on acquiring a copy of their
file. This legislation will now move to the Senate.
NCISS will now work with the Senate and our business allies to
protect the interests of our members and the investigative
profession.
Your Voice in the Nation’s Capital,
Jimmie Mesis
NCISS Legislative Chairman
NCISS
7501 Sparrows Point Blvd.
Baltimore, Maryland 21219-1927
(800) 445-8408 . Fax: (410) 388-9746
Email: jim@nciss.org
(Permission granted to repost to other email lists and PI
association newsletters)
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