Echoing the set of restrictive rules known as GDPR enacted earlier this year by the European Union, the state legislation — which does not take effect until 2020 — will almost certainly be the subject of intense lobbying from business giants that vacuum up all the data.
Under a consent order with Texas and seven other states, the Atlanta-based credit reporting firm agreed to shore up its information security efforts, but it will not have to pay any financial penalties.
A ballot initiative that taps into the public's anger about online data abuses has qualified for the November ballot. But lawmakers are considering whether to head off the statewide vote by passing a measure that may be more amenable to the financial industry.
If Congress doesn’t take the lead on protecting consumers from data breaches, states are more than ready to offer their own fixes. Bankers will also be keeping close tabs on bills related to marijuana, PACE loans and elder financial abuse.