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Sens. Float Bill To Penalize Credit Agencies For Data Breaches

Law360, New York (January 10, 2018, 9:17 PM EST) -- Two Democratic senators floated legislation Wednesday that would boost the Federal Trade Commission’s authority over large credit reporting agencies, including by levying penalties for consumer data breaches like the massive one at Equifax that compromised the personal information of roughly half the U.S. population.

Under the Data Breach Prevention and Compensation Act, which was introduced by Sens. Elizabeth Warren of Massachusetts and Mark Warner of Virginia, the FTC would impose mandatory strict liability penalties on credit reporting agencies for such breaches.

Specifically, credit reporting agencies would...
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