Blaine Luetkemeyer: “I thank the gentleman for yielding. Mr. Chair, it is not my intent today to oppose the amendment; however, I do want to…”

“I thank the gentleman for yielding. Mr. Chair, it is not my intent today to oppose the amendment; however, I do want to express my reservations over the amendment from the gentleman from Pennsylvania. I think it is important that we set the record straight on a few points. The credit reporting agencies are not required to adhere to any sort of thorough data security standard. Unlike many other industries, the financial services industry has had Federal security requirements in place for nearly 20 years. {time} 1515 The amendment sponsor's press release last week said credit reporting agencies do not have any Federal requirements for cybersecurity practices. That is news to the House Banking Services Committee, which has authored some of those requirements. So it simply isn't the case. Credit reporting agencies are required to adhere to numerous data and consumer protection laws, including the Fair Credit Reporting Act and Gramm-Leach-Bliley Act, along with several Federal rules and standards on data security. I have some concerns that Congress should not be in the business of dictating specific security methodologies. The multifactor authentication procedures specified in the gentleman's amendment could be right sometimes, even many times, but circumstances, innovation, and the passage of time may indicate otherwise.…”