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1 H.R. 6743, Consumer Information Notification Requirement Act 1 (December 20, 2018)

handle is hein.congrec/cbocinr0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE U COST ESTIMATE December 20, 2018 H.R. 6743 Consumer Information Notification Requirement Act As ordered reported by the House Committee on Financial Services on September 13, 2018 H.R. 6743 would require several federal agencies to establish standards regarding how financial institutions provide notifications of a data breach to customers. Under the bill, State insurance authorities would be required to enforce those standards. Under the bill, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the National Credit Union Administration (NCUA), the Federal Reserve, the Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC) would be required to create or update their standards for notifying people about a data breach. Using information from several of those affected agencies, CBO estimates that the costs to implement the bill would not be significant for any agency. Any spending by the FTC would be subject to the availability of appropriated funds. Because the SEC is authorized under current law to collect fees sufficient to offset its annual appropriation, we estimate that the net costs to the SEC would be negligible, assuming appropriation actions consistent with that authority Administrative costs incurred by the FDIC, the NCUA, and the OCC are recorded in the budget as increases in direct spending, but those agencies are authorized to collect premiums and fees from insured depository institutions to cover administrative expenses. Thus, CBO expects that the net effect on direct spending would be negligible. Administrative costs to the Federal Reserve are reflected in the federal budget as a reduction in remittances to the Treasury (which are recorded in the budget as revenues). Because enacting H.R. 6743 could affect direct spending and revenues, pay-as-you-go procedures apply. However, the net effect on direct spending and revenues would not be significant. CBO estimates that enacting H.R. 6743 would not increase net direct spending or on- budget deficits in any of the four consecutive 10-year periods beginning in 2029.

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