WASHINGTON (2/13/15)--CUNA has joined with other financial trade associations urging Congress to advance data breach legislation that protects Americans from identity theft and financial account fraud.
In a letter sent to each member of Congress Thursday, the organizations outlined three principles that should be included in data breach legislation.
"Congress should pass strong legislation that establishes a national standard for data security and protection, consumer notification standards and ensures the party responsible for the data breach bears the cost," said Jim Nussle, president/CEO of CUNA. "This debate isn't about merchants and financial institutions fighting; it's about ensuring American consumers are confident that their data is secure at all times."
The letter also refuted claims made by retailers and merchants in previous letters to Congress that merchants currently bear many of the costs of data breaches. CUNA estimates that just the Home Depot and Target breaches cost credit unions more than $90 million.
Surveys conducted by CUNA last year indicated that credit unions have not received reimbursement for either of those breaches, not to mention other breaches such as the ones at Staples and Neiman-Marcus.
"We encourage you to ignore the excuses, attempts to pass blame, and efforts to make this a fight between business sectors," the letter reads. "This debate should be about protecting sensitive financial information, ensuring consumers feel confident that their data is secure, whether it's where they shop or where they bank."