COLUMBUS (11/17/14)--Underscoring the urgency of the data breach issue, Ohio Credit Union League President/CEO Paul Mercer and Ohio Bankers League President/CEO Mike Adelman have co-authored a letter to Ohio's congressional delegation asking for legislation that standardizes data security across the payments network and holds merchants accountable for losses.
"This is an unprecedented step for us in partnering with the Ohio Bankers League," Patrick Harris, league director of legislative affairs, told News Now. "But in a matter as important as this, in which 10 million Ohioans are potentially affected, we thought it was important that we presented a unified message."
The letter was addressed directly to Rep. Joyce Beatty (D) and Rep. Steve Stivers (R) who serve on the House Financial Services Committee, and was copied to the entire Ohio congressional delegation, which also includes Sen. Sherrod Brown (D), who serves on the Senate Banking Committee.
The letter states:
"Ohio's financial institutions--and in a very tangible way, their customers and members--are negatively impacted by the negligent behavior of merchants. In our view, only Congress has the ability to take steps that will ensure all entities involved in the payments process adhere to equivalent standards and are financially accountable."
The letter asks Congress to pass legislation that includes:
Credit Union National Association President/CEO Jim Nussle, in conjunction with six financial service organizations, sent a letter to U.S. Senate and House leadership last week emphasizing that now is the time for retailers to take responsibility for their data breaches and adopt the same data standards as financial institutions (News Now Nov. 13).