Consumer Data Security and Notification Act of 2005 - Amends the Fair Credit Reporting Act (FCRA) to cover communication of personally identifiable information by certain unregulated information brokers who, for compensation, regularly assemble or evaluate personally identifiable information for the purpose of furnishing reports to third parties (thereby bringing them within the scope of FCRA coverage).
Imposes an affirmative, continuing obligation upon each consumer reporting agency to respect the privacy of consumers and to protect the security and confidentiality of their nonpublic personal information.
Instructs the Federal Trade Commission to promulgate safeguards for the protection of nonpublic consumer information.
Amends the Gramm-Leach-Bliley Act to direct federal oversight agencies to include certain data security notification requirements within the regulations governing financial institutions.
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