FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications, 202-508-6754, email@example.com
Washington (May 1, 2015) – Representatives Randy Neugebauer (R-TX) and John Carney (D-DE) today introduced bipartisan data security legislation strongly supported by CUNA to protect consumers from identity theft and fraud by establishing a national data security and breach notification standard for financial institutions and retailers.
“I thank Representatives Neugebauer and Carney for their leadership on data breaches and their commitment to protect the financial data of all Americans,” said Jim Nussle, President and CEO of CUNA. “Those who accept cards as payment must be held to the same standard as those who issue cards for payment.”
Under the bill, each covered entity must:
CUNA has repeatedly called for strong national data protection and consumer notification standards for merchants that align with those already in place for financial institutions under Gramm-Leach-Bliley; inconsistent state laws and regulations be preempted in favor of strong Federal data protection and notification standards; and in the event of a breach, the public should be informed where it occurred as soon as reasonably possible to allow consumers to protect themselves from fraud.
Studies have found that in 2014, over 1,500 data security breaches occurred which exposed over 1 billion data records. CUNA has been actively engaged on the issue of merchant data breaches for over a year and a half including numerous meetings and correspondence with lawmakers and staff, urging the White House to establish a Cybersecurity Council, conducting quantitative analysis of the costs of data breaches on credit unions at Target and Home Depot which found that the two merchant breaches cost credit unions and their members at least $90 million, and launching a website (www.stopthedatabreaches.com) that allows consumers to take action and urge Congress to step in and hold merchants accountable for data violations.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.