Two measures passed by a Congressional committee this month that could change the way banks notify customers of data breaches are unlikely to become law this year, according to a Senate staffer.
A security breach at retailer TJX Cos. last year cost banks that reissued payment cards as much as $83 million, according to estimates by credit card company Visa USA. Credit card company officials say the breach exposed about 100 million credit and debit card numbers.
The litigation is an alternative for banks unable to find recourse under current laws.
The Presidents Identity Theft Task Force also recommended Monday that government agencies limit their use of Social Security numbers and companies develop better methods for verifying customer identities.