A Nevada Law that took effect in October will require all businesses to encrypt personally-identifiable customer data, including names, and credit-card numbers, that are transmitted electronically. Companies in Nevada that suffer a security breach, but comply with the new law would cap their damages at $1,000 per customer for each occurrence; however, those that do not comply would be subject to unlimited civil penalties.
A new Bill, H.R. 6312: Credit Union, Bank, and Thrift Regulatory Relief Act of 2008, was introduced June 19, 2008, and passed by the House on June 24, 2008. The bill has now been sent to the Senate and awaits a vote. [more]
The Short titles of the new Legislation include:
Title I – Credit Unions
Sec. 101. Investments in securities by Federal credit unions.
Sec. 102. Increase in investment limit in credit union service organizations.
Sec. 103. Member business loan exclusion for loans to nonprofit religious organizations.
Sec. 104. Authority of NCUA to establish longer maturities for certain credit union loans.
Sec. 105. Providing the National Credit Union Administration with greater flexibility in responding to market conditions.
Sec. 106. Conversions of certain credit unions to a community charter.
Sec. 107. Credit union participation in the SBA section 504 program.
Sec. 108. Amendments relating to credit union service to underserved areas.
Sec. 109. Short-term payday loan alternatives within field of membership.
Sec. 110. Credit union governance.
Sec. 111. Encouraging small business development in underserved urban and rural communities.
Title II – Savings Association Provisions
Sec. 201. Restatement of authority for Federal savings associations to invest in small business investment companies.
Sec. 202. Removal of limitation on investments in auto loans.
Sec. 203. Repeal of qualified thrift lender requirement with respect to out-of-state branches.
Sec. 204. Small business and other commercial loans.
Sec. 205. Increase in limits on commercial real estate loans.
Sec. 206. Savings association credit card banks.
Title III – Notice Provisions
Sec. 301. Exception to annual privacy notice requirement under the Gramm-Leach-Bliley Act.
Title IV – Business Checking
Sec. 401. Short title.
Sec. 402. Interest-bearing transaction accounts authorized for all businesses.
Sec. 403. Interest-bearing transaction accounts authorized.
Sec. 404. Rules of construction.
Sec. 405. Consumer banking costs assessment.
On March 4, 2008, the Securities and Exchange Commission proposed amendements to Regulation S-P: Privacy of Consumer Financial Inforamtion and Safeguarding Personal Information, which implements certain provisions of the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA) for entities regulated by the Commission. Comments were accepted through May 12th. To read the proposal visit http://www.regulationsp.com/