Since California and New York passed sweeping laws and regulations regarding data privacy and security a few years ago, other states have taken up their own legislative proposals to protect their residents.
In addition, in June 2022, H.R. 8152, the American Data Privacy and Protection Act was introduced by Energy and Commerce Committee Chairman Frank Pallone, Jr. (D-NJ), Ranking Member Cathy McMorris Rodgers (R-Wash.), Consumer Protection and Commerce Subcommittee Chair Jan Schakowsky (D-ILL.), and Subcommittee Ranking Member Gus Bilirakis (R-Fla.). It is the first comprehensive privacy proposal to gain bipartisan support at the federal level.
Over the last few years, several states have enacted data security and privacy legislation. Twenty-one states, most recently Vermont, have adopted the National Association of Insurance Commissioners’ Insurance Data Security Model Law.
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This year’s report also examines demand for change in the appraisal industry, what RESPA experts believe are the CFPB’s next moves, the title industry’s reaction to increased scrutiny from the CFPB, as well as the bureau desire to increase bank oversight.