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Digital Identity, Security & Online Fraud

Senate Banking to kick off talks on data security

Friday 15 February 2019 | 01:00 PM CET

The Senate Banking Committee has begun discussions around data collection and security standards.

The aim of the Committee is to write stricter data collection and security standards for financial institutions. The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency) has jurisdiction over matters related to banks and banking, price controls, deposit insurance, and more.

The panel’s chairman asked for input on ways to give consumers more control of personally identifiable information collected by financial companies and regulators. These suggestions also include improving data breach disclosures, and making sure information obtained by credit agencies is accurate.

Commenting on this, Michael Magrath, Director of Global Regulations & Standards, OneSpan appreciated this move and expects “that several committees will be following a similar path. It remains to be seen if the US enacts a GDPR-like comprehensive privacy and data protection law.“

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