The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.
We support your legislation that updates Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions,” Nussle wrote. “Specifically, this legislation would create a notification regime preempting the existing patchwork of often conflicting and contradictory state laws. This national notification standard will ensure that consumers are treated consistently no matter their state residence.”
In addition to this legislation, Nussle urged Congress to consider legislation containing other principles CUNA believes must be part of data breach legislation, to hold “merchants to the same standards as financial institutions and gives the Federal Trade Commission and state attorneys general the authority to enforce this standard.”
H.R. 6743 is among several bills expected to be marked up by the House Financial Services Committee Thursday.