WASHINGTON (1/14/14)--Rep. Jeb Hensarling (R-Texas), who heads the House Financial Services Committee, said his panel will conduct hearings to study how government agencies and financial institutions secure data they collect, reported Politic Pro yesterday. He did not tie the hearings, however, specifically to the recent data breach at Target.
The article noted that Democrats on Hensarling's committee have asked the chairman to schedule a hearing to study the breach at Target.
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."
The Target data breach compromised at least 70 million debit and credit cards and included stolen encrypted PIN data. "The cost of a merchant data breach--whether it is at a large national merchant or a local merchant--can be significant for credit unions of all sizes," CUNA President/CEO Bill Cheney wrote to key lawmakers.
CUNA is urging credit unions whose members' accounts were compromised to collect data about the costs they incur in replacing cards and assisting members and to submit the information via a CUNA survey (see resource link).
The survey will help CUNA better represent credit union interests to lawmakers, regulators and the media.
According to a Politico Pro "whiteboard"--or quick news burst--last week, Senate Banking Committee Chairman Tim Johnson (D-S.D.) said that he is considering conducting a hearing to study the recent data breach at Target,