Financial Privacy Protection Act of 2005 - Amends the Gramm-Leach-Bliley Act to require each financial institution to develop and maintain a security system designed to prevent any breach with respect to its customer information.
Prescribes guidelines for: (1) federal functional regulators to issue regulations governing a customer information security system; and (2) financial institutions to notify customers of unauthorized access to customer information.
Provides for: (1) civil action for damages by a customer adversely affected by a violation of this Act; (2) injunctions against a financial institution in violation or potential violation of this Act; and (3) civil enforcement actions by state Attorneys General.
Amends the Fair Credit Reporting Act to: (1) require a consumer reporting agency to trigger a fraud alert in a consumer file upon notification by a consumer of a data security breach or suspected breach under this Act; and (2) prohibit the user of a consumer report to take any adverse action with respect to a consumer based solely on the inclusion of a fraud alert, extended alert, or active duty alert in the file of that consumer.
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