SACRAMENTO, Calif. (3/28/14)--California credit union leaders are looking to apply pressure on state lawmakers to ratchet up security standards for merchants in safeguarding consumer financial information.
To double-down on that effort, members of the California and Nevada Credit Union Leagues are urging industry professionals to attend its 2014 Government Relations Rally in Sacramento, so legislators can hear their concerns loud and clear: that inequity exists in current data security laws.
"As with all legislative pushes of this scope, it's important that we share our viewpoint on what a good solution looks like," Bob Arnould, league vice president of advocacy, told CU Weekly (March 26). "Without credit union input, there is a significant threat of faulty approaches being included in legislation meant to fix the data security problem."
The credit union advocacy and educational event will take place April 7-8.
The Credit Union National Association estimates that credit unions nationwide have thus far incurred costs of $30.6 million just for the Target breach alone, and reissued around 4.6 million credit and debit cards.
CUNA has asked the U.S. Congress to address data security concerning merchants, who aren't held to the same standards as credit unions and other financial institutions.
"Data breaches are more prevalent than ever, and California's laws need updating to better protect consumers when they swipe their cards," Arnould said.