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Retailers Decry Prospect of Bank-Like Data Security Rules

Joe Mont | March 17, 2015

The National Retail Federation is asking Congress to reject any legislation that would impose data security rules designed for the banking industry upon retailers and other nonbank businesses.

“Broad expansion of data security standards similar to the Gramm-Leach-Bliley Act guidelines to virtually every unregulated business in the U.S. economy would be a serious error,” David French, the trade association’s senior vice president for government relations, wrote in a letter to members of the Senate Commerce, Science and Transportation Committee.

NRF also commissioned a white paper, authored by former Federal Trade Commission officials, in response to proposals before Congress that could expand the authority and responsibility of the FTC to oversee data security for nonbank businesses. The...

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