CUNA wrote to House Financial Services subcommittee on financial institutions and consumer credit Wednesday to reiterate the need for data breach legislation containing several important principles. Kim Sponem, president/CEO of Summit CU, Madison, Wis., testified before the subcommittee on the same topic last month, and subcommittee chairman Rep. Blaine Luetkemeyer (R-Mo.) released draft legislation consistent with CUNA’s principles two days later.
“We appreciate the Subcommittee's continued focus on this important issue. Data breaches have harmed and will continue to harm credit unions and their members,” CUNA President/CEO Jim Nussle wrote. “As this Subcommittee works to shed light on the impact of the data breaches and to ensure consumers are not at further risk, we encourage you and your colleagues to consider the risk to consumers’ personal data in other sectors of the economy, including the retail sector, as well as at federal agencies.”
CUNA believes any federal data breach legislation must include the following principles:
Luetkemeyer drafted his legislation with Rep. Carolyn Maloney (D-N.Y.), and it is expected to be introduced officially in the coming days.