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News Now

CU System
Maine CUs' Work Vs. Data Breach Bill Cited By Lawmakers
PORTLAND, Maine (6/3/13)--Due in part to the lobbying efforts of the Maine Credit Union League, a data breach bill that would have negatively impacted credit unions was defeated in the Maine Senate last week.

The Maine Credit Union League testified in opposition to the bill, which was ostensibly aimed at the way TD Bank handled a 2012 data breach (Weekly Update May 31). The measure, which passed the state House, was opposed 33-2 in the Senate. The Insurance and Financial Services Committee voted the bill 7-6 Ought Not to Pass.

Quincy Hentzel, the Maine league's direct or governmental affairs, spent many hours in Augusta speaking with legislators before to the vote. Legislators cited the work of the league and state credit unions as one of the key reasons why the bill was defeated in the Senate.

One lawmaker commended the league for articulating how the measure would harm small financial institutions, Hentzel said.

Among the league's primary arguments in opposition to the bill was that it would unnecessarily expand the definition of breach of the security system, by expanding the classification of a breach and would result in "over-notification" of Maine residents at a great cost to credit unions.

The league also maintained that the measure would have made Maine the only state to require notice to the appropriate regulator with 10 days after the discovery of a breach and require notice if law enforcement delayed its investigation.

The bill was well-intended, but fraught with unintended consequences, John Murphy, Maine league president said.
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