PROTECT Act

[AI summary unavailable — showing source text] Privacy Rights and OversighT for Electronic and Commercial Transactions Act of 2006 or the PROTECT Act - Prohibits any for profit entity that handles individuals' personal data from: (1) compromising the personal, nonpublic information of those individuals through theft, loss, data breach, or malfeasance; and (2) issuing credit or an account for services to an unauthorized individual or making an inaccurate change to a credit report as a result of identity theft. Exempts small business. Provides for the liability of violators. Amends the Gramm-Leach-Bliley Act to prohibit a financial institution from disclosing usage data relating to consumers to a nonaffiliated third party without the consumer's written authorization. Requires the President to designate a Chief Privacy Officer within the Office of Management and Budget. Requires agencies and entities to provide notice of breaches that result in the unauthorized access or disclosure of personally identifiable information to affected individuals and all major credit reporting services upon an individual's request. Directs the Federal Trade Commission (FTC) and each of the federal functional regulators to issue rules applicable to fi…