Data breach notification bill prompts changes; syncs with CUNA principles
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (September 7,2018) – Rep. Blaine Luetkemeyer (R-Mo.) and the House Financial Services Committee (HSFC) formally introduced new data breach notification legislation for financial institutions on Friday. The bill includes consistent with notification principles aligned with the Credit Union National Association (CUNA).
“This legislation is a positive step in the direction of supporting credit unions and consumers, and we thank Rep. Luetkemeyer for his leadership on this issue,” said CUNA President/CEO Jim Nussle.”
This bill would preempt state data breach notification requirements for credit unions and other financial institutions It would create a national data breach notification standard, which will make consumer notification easier for credit unions and more uniform for consumers.
CUNA will continue to strongly support additional data breach legislation that would hold merchants, and others who handle sensitive consumer information, to the same standards credit unions and financial institutions adhere to under the Gramm-Leach Bliley Act. CUNA maintains the position that entities which accept payment cards must be subject to the same security requirements as those who issue cards, and this standard should be enforced exclusively by the Federal Trade Commission and state attorneys general.
A letter was sent to Congress in July from CUNA on behalf of America’s credit unions and the trade group launched its latest Member Activation Program campaign, “Stop the Data Breaches” to activate credit union members to call on Congress for data breach legislation.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.