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Committee holds bill to set data-security standards for nonbank financial licensees
Summary
Senate Bill 603, which would codify data-security standards for nonbank financial licensees to protect consumer information, received Department of Business Regulation testimony and was held by the Commerce Committee.
Senate Bill 603, introduced as a measure to require reasonable administrative, technical and physical safeguards for consumer information at licensed financial entities, was heard March 25 by the Senate Commerce Committee and tabled for further consideration.
The sponsor described the bill as establishing comprehensive standards to protect the security, confidentiality and integrity of consumer information for nonbank financial licensees regulated by the Department of Business Regulation (DVR). Sarah Cabral, the state chief bank examiner at the Division of Banking within DVR, testified in support and said the measure would enhance data security across nonbank licensed entities the division regulates. Cabral said the bill does not conflict with the state's existing data-privacy law and would enhance licensees' compliance obligations.
Lynette Forte Menard of the Rhode Island Mortgage Bankers Association submitted written testimony with an amendment request. After brief questions and no opposition testimony, Senator Bell moved to hold the bill; the committee recorded the motion as carried.
Votes at the committee session: motion to hold S 603 was made and recorded as carried; no numeric roll-call tally was announced in the hearing transcript.
