Recognizes that: (1) Data breaches of credit and debit card information contribute to identity theft and fraud and can be costly to consumers; and

(2) When a breach occurs, remedial measures such as reissuance of credit or debit cards affected by the breach can help to reduce the incidence of identity theft and associated costs to consumers.

Encourages financial institutions to reissue credit and debit cards to consumers when appropriate.

Permits financial institutions to recoup data breach costs associated with the reissuance from large businesses and card processors who are negligent in maintaining or transmitting card data.