A CUNA witness will discuss the harmful effects of data breaches and the importance of data security legislation Wednesday before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. Kim Sponem, president/CEO of Summit CU, Madison, Wis., will testify on CUNA’s behalf at a subcommittee hearing titled “Examining the Current Data Security and Breach Notification Regulatory Regime.”
"Credit unions, which work diligently to adhere to the strict data security requirements they face, have suffered seemingly continuous costs associated with merchant data breaches while the merchants themselves remain intact," said Eli Joseph, CUNA deputy chief advocacy officer. “This hearing is an opportunity for lawmakers to hear directly about costs and other risks credit unions face because of data breaches, as well as a chance to share the principles that should be part of any legislative solution.”
CUNA is a strong supporter of data breach legislation that would hold merchants, and others who handle sensitive consumer information, to the same standards credit unions and financial institutions adhere to under the Gramm-Leach-Bliley Act.
CUNA outlined key points of potential federal data breach legislation in a letter to the House Energy and Commerce Committee in January.
In addition, enhancing payments security is a primary goal of CUNA’s bold advocacy agenda for 2018, in order to reduce the impact that merchant data breaches have on credit unions and their members.
In addition to pursuing legislation to subject merchants to strong data security and data breach notification requirements, CUNA is: