Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Leagues voice appreciation for congressional response to Target breach
WASHINGTON (1/16/14)--Credit unions continue to inform lawmakers of the repercussions of the Target security breach and are recognizing those who have responded to the growing issue.
 
For instance, immediately after the Target breach notification, the Missouri Credit Union Association contacted the Missouri congressional delegation, and continues to follow developments.
 
In a letter released Tuesday, Sens. Claire McCaskill (D-Mo.) and Jay Rockefeller (D-W.Va.) called for a briefing from the retailer about the data breach that exposed personal information of more than 70 million consumers.
 
McCaskill is chair of the Senate subcommittee on consumer protection, product safety and insurance; Rockefeller is chair of the Senate Commerce Committee.
 
"It has been three weeks since the data breach was discovered, and new information continues to come out," the senators wrote. "We expect that your security experts have had time to fully examine the cause and impact of the breach and will be able to provide the committee with detailed information."
 
"It is clear that members of the Missouri delegation understand data breaches are a concern for credit unions in the state and are taking steps to address that concern," said Don Cohenour, president/CEO, Missouri Credit Union Association (Missouri Difference Jan. 15). "We will continue our efforts to communicate information that will help lawmakers better address these issues."
 
Last week, Sen. Patrick Leahy (D-Vt.) reintroduced the Personal Data Privacy and Security Act--a move that drew praise from Joe Bergeron, president, Association of Vermont Credit Unions. Although the bill is not specific to credit unions, he said, it addresses growing marketplace issues that are detrimental to credit unions. (NewsLines Express Jan. 10)
 
Also, the Credit Union National Association has reached out to House Financial Services and Senate Banking Committee leaders, encouraging them to "fully examine the chronic issue of merchant data breaches, their impact on consumers and financial institutions." (See Tuesday's News Now "House Financial Services will have data security hearings, chairman says.")
RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
9 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
11 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
11 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
11 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
12 hours ago