WASHINGTON – U.S. Senator Chris Coons (D-Del.), a member of the Senate Small Business and Entrepreneurship Committee, introduced legislation to provide notification requirements and free credit reports to small businesses in the wake of a data breach. Senator Coons introduced the legislation along with U.S. Senators Marco Rubio (R-Fla.), John Kennedy (R-Louis.), and Doug Jones (D-Ala.).
“Building and maintaining healthy credit is critical for entrepreneurs as they acquire funding to grow their businesses. That’s why it is so vital that government help protect the private credit information of small business owners, not just consumers. I’m proud to introduce the bipartisan Small Business Credit Protection Act, which ensures if a small business’s private data is breached, business owners will be notified by credit bureaus just as swiftly as individuals are,” said Senator Coons.
The Small Business Credit Protection Act would:
The Small Business Credit Protection Act is supported by the Cooperative Credit Union Association.