WASHINGTON (3/23/15)--U.S. House Energy and Commerce Committee lawmakers continue their scrutiny of The Data Security and Breach Notification Act of 2015 this week as that panel's subcommittee conducts a scheduled markup of the discussion draft on Wednesday.
The subcommittee on commerce, manufacturing and trade examined the bill during a hearing last week. Just prior to that session, CUNA President/CEO Jim Nussle sent letters to subcommittee leadership reminding that there is a "weak link in the payments system that leaves consumers' financial data vulnerable to theft by domestic and international wrongdoers."
"The weak link," Nussle stated, "is the absence of federal data security standards for the merchants that accept payment cards." CUNA advocates that merchants be held to high data protection standards just as credit unions and other financial intuitions are under the Gramm-Leach-Bliley Act.
Due to the direct and detrimental impact merchant) breaches have on credit unions and banks, CUNA is asking the House Financial Services Committee to take a leadership role in the effort to design a legislative response to the problem.
CUNA backs legislation with these principles: