On December 9, 2015, the House Financial Services Committee approved legislation to establish a national data breach notification standard and preempt notification laws in 47 states and the District of Columbia. Although the bill has the support of banking industry groups, it faces opposition from consumer organizations, which argue that the bill would eliminate stronger existing state protections and prevent further state innovation. As written, the legislation requires covered entities to notify affected individuals of a breach of their sensitive personal information if it poses a "substantial harm" to the individuals.
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