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Democratic Bill Would Fine Credit Bureaus for Data Breaches

Newly reintroduced legislation by a group of Democrats in Congress would slap fines on credit reporting agencies if they compromise consumers’ information. So reports The Hill.

The Data Breach Prevention and Compensation Act is sponsored in the Senate by Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) and in the House of Representatives by Elijah Cummings (D-Md.) and Raja Krishnamoorthi (D-Ill.). The bill would set a base penalty of $100 for each consumer whose personal data is leaked, which Warren’s office estimates would have meant a $1.5 billion penalty for the Equifax data breach in 2017.

Click here to read the full article from The Hill.

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