CFPB Data Collection Security Act
Latest action (11 Jun 2014): Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
What this bill does
Generate a neutral, plain-English explanation of what this bill does, who it affects and what happens next — grounded in the official text.
Official summary
CFPB Data Collection Security Act - Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB) to: (1) establish an opt-out list of consumers who have notified the CFPB that they do not wish to allow it to collect personally identifiable information about them, and (2) give consumers a method of adding and removing their names from the opt-out list via telephone or the CFPB website.
Prohibits the CFPB from collecting: (1) personally identifiable information about a consumer listed on the opt-out list (except in the case of consumer complaints), or (2) any data or performing any market monitoring unless it has a Senate-confirmed Director.
Prescribes time limitations for the holding of data by the CFPB.
Directs the CFPB, if it experiences a data breach that exposes personally identifiable information about a consumer, to give that consumer one year of free credit monitoring. Requires the CFPB to notify consumers publicly of such a breach on the front page of its website.
Prohibits CFPB employees from accessing personally identifiable information collected by the CFPB unless they hold a "confidential" security clearance.
Timeline
11 Jun 2014
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
Common questions
- What does H.R. 4604 do?
- CFPB Data Collection Security Act - Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB) to: (1) establish an opt-out list of consumers who have notified the CFPB that they do not wish to allow it to collect personally identifiable information about them, and (2) give consumers a method of adding and removing their names from the opt-out list via telephone or the CFPB website. Prohibits the CFPB from collecting: (1) personally identifiable information about a consumer listed on the opt-out list (except in the case of consumer complaints), or (2) any data or performing any market monitoring unless it has a Senate-confirmed Director. Prescribes time limitations for the holding of data by the CFPB. Directs the CFPB, if it experiences a data breach that exposes personally identifiable information about a consumer, to give that consumer one year of free credit monitoring. Requires the CFPB to notify consumers publicly of such a breach on the front page of its website. Prohibits CFPB employees from accessing personally identifiable information collected by the CFPB unless they hold a "confidential" security clearance.
- Has H.R. 4604 become law?
- Not yet. As of 11 Jun 2014, H.R. 4604 is ordered reported.
- Who sponsored H.R. 4604?
- H.R. 4604 was sponsored by Rep. Lynn Westmoreland [R-GA3, 2007-2016] (Republican-GA), with 13 cosponsors.
- What's the latest action on H.R. 4604?
- Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27. (11 Jun 2014).
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